Singapore VC Good Startup closes alt protein fund at $34m

Good Startup, a Singapore-based venture capital firm focused on the innovation and growth of the alternative protein sector, has closed its Good Protein Fund I at $34 million, according to an announcement.

A cross-border, multi-stage fund, Good Protein Fund I saw participation from notable investors including Vijay Goradia, Founder and Chairman of Vinmar International; Harris Komishane, former Head of Finance and Strategy for Fidelity Investments; and Professor Bala Vissa, INSEAD Professor of Entrepreneurship.

Founded in 2021, Good Startup’s mission is to remove animals from the global food system. Led by General Partners with strong expertise in entrepreneurship and impact investing, the venture capital firm is looking for innovators who are building the next generation of food companies focused on alternative proteins, whether they are produced from plants, grown from animal cells, or created using microbial organisms.

“The strong interest we’ve seen is a testament to the investor confidence in our mission – a commitment that will help drive further growth in alternative protein innovation. We will continue to support companies that share our vision in using science and technology to create food that is not only healthy and tasty, but also enables a sustainable and environmentally friendly food system,” said Jayesh Parekh, managing partner of Good Startup.

About 80% of the fund will be invested in early-stage startups and the remaining 20% in late-stage firms and secondaries. Cheque sizes will vary between $250,000 and $1 million per deal.

Its existing portfolio includes plant-based ingredients and flavourings producer Motif FoodWorks; plant-based healthy chicken maker Nowadays; and Lypid, which makes vegan fat.

Over the past year, alternative protein companies have received increased attention from investors as the industry continues to enjoy greater consumer demand for healthier and environmentally sustainable proteins.

A recent study projected a 25% rise in alternative protein consumption, equivalent to approximately $1.7 billion for plant-based meat alternatives across the Asia Pacific region by 20251. Investments in the region’s alternative protein sector are projected to increase at an accelerated pace relative to other regions.