Good Startup, a Singapore-based cross-border venture capital firm focused on the alternative protein sector, has just announced the first close of its inaugural fund at $25 million. Good Protein Fund I aims to invest in startups that are focused on alternative protein solutions to build a sustainable food ecosystem.

“The growing role of the biotech sector in producing alt proteins can give us the same food we enjoy with less impact on our environment. This can only be achieved by supporting biotech food companies to scale globally, especially in markets that still depend heavily on meat,” said Gautam Godhwani Managing Partner of Good Startup.

Investors of the inaugural fund are exclusive investors and family offices. This includes Symphony Asia Holdings Chairman Anil Thadani, Kim Seng Holdings Chairman Tan Kim Seng, and a group of angel investors from an undisclosed firm.

Good Startup started fundraising earlier this year in January 2021 and plans to use the amount to invest in 32 startups. Currently, the firm has invested in six alternative protein companies including TurtleTree Labs, Avant Meats, Rebellyous Foods, Cultured Decadence, Novel Farms, and Eat Just, which recently made history in Singapore in December 2020 after releasing the first cell-grown meat in the commercial market. The firm expects to close the fund this August 2021.

Jayesh Parekh, one of Good Startup’s managing partners, shares his thoughts on FoodTech startups: “In order for them to meet their sustainable food production goals, they require investors and partners that can guide them throughout their journey. Being a cross-border fund that invests in alternative protein companies globally, we are especially excited about alternative protein ecosystem’s potential in rapidly emerging markets like Southeast Asia where we currently have a rich pipeline of deals that we are actively working on and expect to make announcements soon.”

The firm has also stated that 80 percent of the fund will be used to invest in early-stage startups and the remaining 20 percent will be allotted for late-stage firms and secondaries, with investment amounts varying from $250,000 to $1 million.

The firm’s new fund follows Singapore’s mission of creating a more sustainable future when it comes to sustainable food ecosystems. Singapore has been leading Southeast Asia in the FoodTech movement. The city-state aims to produce 30 percent of its nutritional needs locally by 2030.

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