AsiaTechDaily – Asia's Leading Tech and Startup Media Platform
Korea’s Simple Planet Secures 8 Billion Won Investment for Cell-Cultured Food Innovations
by
Byungho Lim
Simple Planet, a company specializing in the development of cell-cultured food ingredients, has announced that it recently secured approximately 8 billion won in investment from domestic venture capital firms. The investment is part of a pre-Series A funding round.
Simple Planet’s funding round saw participation from a diverse group of major venture capital firms and corporations, including POSCO Technology Investment, DCP Private Equity, Easy Holdings, MY Social Company (MYSC), Hyundai Technology Investment, Prologue Ventures, Pathfinder H, Banking Youth Entrepreneurship Foundation (DCamp), and Samho Green Investment.
This injection of capital follows a previous investment round where Simple Planet secured 2 billion won from Pulmuone and other investors, bringing the company’s total cumulative investment to approximately 10 billion won.
With this funding, Simple Planet aims to accelerate its research and development efforts, to advance food production through innovative cell-cultured food ingredients.
Simple Planet has initiated the construction of a GMP production facility dedicated to the mass production of cell-cultured high-protein powder. The company’s strategic plans include process technology optimization, securing food ingredient approvals, and expanding its presence overseas. Notably, the cell-cultured high-protein powder developed by Simple Planet is distinguished by its protein content and its potential for diversification across various product lines.
With a focus on enhancing efficiency and meeting regulatory requirements, the company aims to pave the way for widespread adoption of its high-protein powder across diverse markets, both domestically and internationally.
This influx of investment highlights its achievements such as the ‘floating cell lineage development platform’ and its collection of 13 specialized floating cell lines derived from various organisms, such as cattle, poultry, swine, and fish. These cell lines serve as the foundation for producing a wide range of raw materials for diverse applications.
The company has been honored as one of the UK’s Food Forwarding Food Tech 500, selected for the Sustainable Food Challenge 2023 by the Swiss Mass Challenge, and secured first place in the sustainability category at the X-Pitch event in Singapore.
The company’s focus on implementing revenue-generating strategies proved instrumental in attracting investment. In September 2023, Simple Planet launched ‘Balboa Kitchen’, a B2C convenience food brand, aiming to directly incorporate cell-cultured food ingredients into consumer products. The company is actively expanding its distribution channels both domestically and internationally to bolster its market presence.
Simple Planet CEO Jeong Il-doo expressed optimism despite the challenging investment landscape, noting that their pre-series funding round was oversubscribed. He highlighted the ongoing establishment of a GMP facility for mass-producing cell-cultured food ingredients and emphasized the acceleration of research into serum-free edible culture media.
In January, Simple Planet partnered with Plug and Play, the world’s largest accelerator and investment firm, alongside S&S Lab, the operator of South Korea’s premier private-led shared laboratory, ‘IRIS Lab’. Through such a strategic alliance, Simple Planet is taking proactive measures to expand its network and explore synergies within the food tech industry.
Also Read:
Similar Articles
Weekly popular posts
