Hoow Foods, a Singapore-based food technology company, announced raising S$3 million in a pre-Series A funding round that will help fuel its commercial and operational capabilities in Southeast Asia.
The funding round was led by Farquhar VC, an early-stage venture capital firm specialising in Seed to Series A startups in the foodtech, Industry 4.0, and digital media across the region.
Existing investor TRIVE Ventures, a VC firm that invests in technology startups, also participated in the funding round along with other private investors.
Incorporated in 2018, Hoow Foods focuses on transforming incumbent indulgent foods into healthier versions while still retaining taste and texture.
It has produced innovative products through its proprietary AI/Machine Learning REGENESYS smart platform, which allowed for the targeted optimisation of nutritional profiles using novel food ingredients.
Hoow Foods’ formulated products have entered the market through a series of subsidiaries and joint ventures, one of which is its ongoing partnership with Singapore heritage brand, Killiney Kopitiam Group.
In just over a year, the venture has launched and commercialized more than 10 consumer packaged goods under the Killiney brand, which are now sold and distributed in Singapore and other major international markets.
To date, this partnership has sold more than 1.5 million equivalent cups of beverages.
“At Hoow Foods, our fundamental belief is that everyone should be consuming foods healthily and sustainably. Whether you have a pre-existing health condition, are vegan, or just a health-conscious consumer, there should be alternative choices of foods for everyone without compromising on quality and taste,” said CEO and co-founder Ow Yau Png.
Currently, the company is also collaborating with MNCs and SMEs in the food and FMCG industry to improve their product R&D capabilities.
Together with the company’s extensive line of upcoming healthier foods, the company is set to re-define indulgence in desserts, beverages, snacks, and other staple foods as part of a healthy diet, according to the announcement.