Growthwell Group raise US$8 million to develop Chickpea Protein Products

The Growthwell Group, a Singapore-based plant-based protein company has recently announced that it had raised US$8 million led by Singaporean sovereign fund Temasek with participation from DSG Consumer Partners, Insignia Ventures, Genesis Ventures and others.
Growthwell also announced it had made its own investment in ChickP, an Israel-based startup developing chickpea protein.
Established in 1989, The Growthwell Group owns a portfolio of alternative protein companies aimed at Southeast Asian consumers, including OKK (plant-based meat), Su Xian Zi (vegan mutton), and gomama (ready to eat dishes made from plants). Its latest addition will be ChickP, maker of super high protein chickpea powder for use in meat and dairy alternatives.
Growthwell plans to use ChickPs proprietary protein isolate to develop a more diversified range of meat alternative products for the Asia Pacific market. The new chickpea-powered foods will include plant-based shrimp and squid meat, as well as a vegan crab burger. Next, it will also develop chickpea milk and ice cream.
Apart from bringing ChickPs protein to Asia, Growthwell will also use its new funding to open a new R&D center in Singapore with fully automated production lines. The facility is slated to open in 2021. The company is also working to bring its suite of plant-based foods to new markets, specifically to China and Australia.
Sovereign fund Temasek has made significant investments in the alternative protein sector with several major other investments in Memphis Meats, Impossible Foods and Califia Farms.
Asia is a burgeoning market for alternative protein, especially as the African Swine Fever (ASF) decimated pork production and COVID-19 has thrown a wrench into meat manufacturing. Singapore, in particular, with its goal to produce 30% of its food within its borders by 2030, has invested quite heavily in the plant-based food segment.
While other players like Impossible Food and Beyond Meat are focusing on alternative meat like beef, chicken and pork, Growthwell focuses on ‘less crowded’ markets in seafood and dairy.