Malaysian plant-based meat company, Phuture hopes to secure more funds for its expansion as its seeks to enhance its market position via partnership with leading brands.
So far, Phuture has secured RM7 million (US$1.57 million) in funding and it aims to raise more funds to scale up its operations beyond Malaysia.
With the strong surge in demand, Phuture is forecasting its half year sales performance to double by end-2022. According to Phuture CEO Jack Yap, “In the last few months, we have witnessed a surge of buy-ins, winning over the confidence of reputable brands. They include KyoChon, one of South Korea’s largest fried-chicken restaurant chains, to Grand Hyatt, a leading 5-star hotel chain and most recently, South Korea’s No. 1 convenience store chain CU.
Phuture products are now widely available at affordable prices. It already has built presence in Singapore, Hong Kong, Macau and Thailand. This year, the company aims to expand into the Philippines and Indonesia. According to research by AI Palette, the world’s first artificial intelligence platform for leading product innovation, the plant-based category for Indonesia and the Philippines is set to grow at a CAGR of 33% and 8% respectively.
Phuture’s main product across all markets is its high-fibre chicken. Yap added, “Plant-based meats were previously not popular in Malaysia but we are beginning to overcome perceptions with our ability to customise products according to the preference of our clients.”