Foodtech company Algenesis Corporation has raised $5 million in seed funding co-led by Circulate Capital, while Singapore-based Better Bite Ventures has announced three new investments.
Algenesis raises $5m co-led by Circulate Capital
US-based Algenesis Corporation, a plant-based material science company, announced on Thursday that it has raised $5 million in a seed round co-led by First Bight Ventures and Singapore-based Circulate Capital.
In a statement, the company said that the funds will be used to scale production and meet the growing demands of its bio-Polyurethane (PU) product Soleic® PU systems.
US media company Diamond Sports Group, mobile device accessory company RhinoShield, and MIH Capital also took part in the round.
This funding comes after the company received a $5 million grant from the US Department of Energy for expanding the production of bio-based isocyanates from algae oils through a green-flow chemistry process.
Better Bite Ventures invests in three new food tech companies
Singapore-based Better Bite Ventures has invested in three new foodtech companies—Fattastic Technologies, Pivot Eat, Everything But—it announced on its LinkedIn page.
According to the post, Pivot Eat is an Australia-based company founded by Ann Limley and it is developing a process to improve the structure and scalability of whole-cut meat alternatives.
Singapore-based Fattastic Technologies, founded by Satnam Singh in 2022, is engineering plant-based fats to enhance the sensory and functional attributes of plant-based meat to replicate traditional meat.
Meanwhile, South Korea-based Everything But, was founded by Yoonchan Hwang, and is working on cultivated meat for pet food.
The three companies were part of Better Bite Ventures’ early-stage initiative First Bite where they invest $50,000 to $150,000 in new and aspiring food tech founders from APAC.
Better Bite Ventures, founded in 2021 by Michal Klar and Simon Newstead, is a $15 million fund with over 20 investments in Singapore, China, India, Australia, Indonesia and other APAC markets.