Singapore’s Shiok Meats has raised US$3 million in bridge funding from Agronomics, VegInvest, Impact Venture, and Mindshift Capital Fund. This latest funding marks a total of US$7.6 million of investment to date for the producer of cell-based seafood.
The startup, which focuses on cell-based shrimp and other crustaceans, will utilise the investment to establish a production facility in Singapore and plans to commercialize business in the next two to three years, with hopes of reducing the production costs for cell-based shrimp.
Dr Sandhya Sriram, CEO of Shiok Meats said, “We at Shiok Meats are happy for the continued support and encouragement from investors and the industry. The COVID pandemic has further confirmed the need for alternative proteins and we truly believe that cell-based seafood is the way to go!”