In a statement, Alchemy Foodtech said the investments will allow them to pursue the next stage of development in markets locally and overseas.
“With the funds raised, we are able to pursue our growth in China and support our new China office, and through distributors and business to business (B2B) partners, expand to other countries including Thailand, Indonesia, Korea, Japan and United States,” said Alan Phua, Chief Executive Officer of Alchemy Foodtech.
The funding round included public-listed Thai President Foods, Pine Venture Partners and Selera Kapital, an investment arm of Sour Sally Group. The other investors include global seafood leader Thai Union, Fuchsia Venture Capital, Heritas Capital and SEEDS Capital.
According to Phua, Alchemy Foodtech is currently working with multi national companies (MNCs) from different countries to deliver better health in their food.
This Singapore-based deep tech company operates with a mission to “Make Carbs Good” by helping the world eat better refined carbohydrates by lowering sugar impact in food and reducing sugar intake.
Hyuk-Tae Kwon, Chief Executive Officer of Pine Venture Partners, said there is now a strong demand for healthier alternatives across Asia and the rest of the world. He shared his belief that the Alchemy team has the capabilities and track record to capture this opportunity.
Alchemy said in a statement that the global demand for healthier food options is growing as more than one in three adults are overweight and one in every ten adults is living with diabetes.
Wanting to address these concerns, the firm is focused on providing tasty and healthier food options that will reduce the negative impact of excess carbs and sugar on people’s health.
Alchemy has developed its patented Alchemy FibreTM technology platform based on plant ingredients to replace sugars, carbs and reduce glycemic index while delivering great taste and texture in food.
To date, the interest in carb and sugar reduction is growing, with many companies pledging to reduce the sugar content in their product offerings by 2030.
With the strong global demand, Alchemy is now collaborating with several MNCs to come up with a wide array of products, including noodles, breads, cookies, ice creams, yogurts, and beverages. The firm is set to launch some of these products during the first half of 2023.
May Lerdprapapong of the Investment Committee at Thai President Foods said that Alchemy Foodtech’s innovation is very timely. They also saw many synergies with their products, from MAMA instant noodles to other items that the companies in the group have.
She said that aside from Thai President Foods, many other companies could also partner with Alchemy in delivering healthier, tasty food options to their customers.
Alchemy Foodtech ingredients were proven safe and were tested in both lab and human studies. The firm’s research partners include National University of Singapore and Singapore’s leading research institution, a*star.
Their flagship product, Alchemy Fibre For Rice, is now being sold in supermarkets and e-commerce platforms in Singapore, and are already being exported to the Philippines and the United States.