Alternative Protein Company WTH Foods Raises USD $1.2million In Seed Funding
Thursday, October 28th, 2021 | 245 Views
WTH Foods, based in Singapore and the Philippines, announces its success in raising USD $1.2million in seed funding along with the launch of an R&D facility to enhance the texture and taste of their plant-based products.
WTH Foods will use the facility to hone their plant-based versions of popular Filipino dishes and products to target more than 2.2 million Filipinos living away from home with expansion plans to Singapore, other markets across Southeast Asia, and globally.
“Many people love the taste of meat but are looking for healthier and more sustainable options. At WTH Foods we are developing plant alternatives for meat lovers, the same texture and taste of their favorite dishes but with the added health and sustainability benefits,” said Stephen Co, Co-Founder & CEO of WTH Foods.“This funding will help us accelerate the development of these products and reach more markets across Southeast Asia and around the world so people can enjoy popular dishes guilt-free.”
Investors include Big Idea Ventures, who solve the world’s biggest challenges by supporting the world’s best entrepreneurs, and Henry Soesanto, CEO of Monde Nissin, a corporation with well-known plant-based brand Quorn within its offering. Big Idea Ventures and Henry Soesanto saw the opportunity to target people in and outside of the Philippines with these healthy local dishes and products, with a market of over 111 million people globally.
“Demand across Southeast Asia for healthier, sustainable alternatives to meat is growing. WTH Foods has an offering that we believe will be very attractive to the Asian consumers, especially the Filipino diaspora – as the products combine healthy plant-based alternatives with the convenience of ready-made meals. The opportunity for innovation in this area is huge and we look forward to working with WTH Foods as they utilize this,” added Christian Cadeo, Managing Partner Asia at Big Idea Ventures.
Over 60 types of plants have been used in the creation of 60 dishes that WTH Foods has developed to provide more sustainable, healthier meal versions of Filipino classics as well as Asian favorites. WTH Foods has also developed a new line of products called Umani due to launch in 2022 with plant-based versions of popular Asian processed meats such as sausages and luncheon meat.
WTH Foods has previously collaborated with researchers from the Singapore Institute of Technology and National University Singapore for product development and marketing strategies, and are looking to continue these types of partnerships following the launch of their R&D facility. They have also co-developed a chicken product made from seaweed with Singapore Institute of Technology food scientists.
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