Shanghai-based startup Haofood, which launched alternative chicken made from peanut protein last year, has secured seed funding to expand into new sales channels and geographies.
Haofood has raised US$3.5 million to develop its R&D facility and develop new products, while at the same time grow its domestic business and expand to Asia and other regions.
In July 2021, Haofood launched its fried chicken using peanuts as a primary ingredient. Currently, it already has more than 50 brands selling in more than 200 outlets in China.
The seed round funding was led by Rich Products, a privately-owned US bakery and desserts business, via its funding arm Rich Product Ventures (RPV). It is also Rich Products’ first direct investment in the Asia Pacific region. Other investors include Monde Nissin, Quorn and Big Idea Ventures.
Jay Lin, RPV’s Vice President for strategic investments in the Asia Pacific said, “Haofood’s robust R&D and proprietary technology gives it a competitive advantage, winning over discerning Asian consumers with its great-tasting and sustainable chicken-alternative products. This is our first direct strategic investment in the Asia-Pacific region and we look forward to working closely with the team to scale the business in China and beyond.”
Haofood was established by entrepreneurs Astrid Prajogo (CEO), Dr Shaowei Liu (CSO), Jenny Zhu (CFO) and Kasih Chen (CTO). The company uses its Innotein proprietary technology to create ‘plant-based chicken from peanuts and other plant protein that has a distinctive texture and umami taste profile’.
Astrid commented that with the new round of funding, Haofood will be able to innovate further and make excellent quality alternative-protein products more accessible for consumers in China and across Asia.
Meanwhile, CEO of Monde Nissin, Henry Soesanto said, “The consumers today demand healthier and more sustainable foods. The creative use of peanuts gives Haofood chicken its great taste but it also has even more benefits to the environment in terms of reduced water usage. It stood out to me for its clever use of food technology.”
