Alchemy FoodTech secures seven-digit investment first close in Pre-Series A financing
Alchemy FoodTech, a Singapore based food-‐tech solution company specializing in the development of lower Glycemic Index (“GI”) carbohydrates to tackle diabetes, today announced the completion of its first close to their Pre-‐Series A round led by Heritas Capital Management and co-led by SEEDS Capital, the investment arm of Enterprise Singapore. The funding will fuel the company’s next stage of technology and product development, talent acquisition, and manufacturing capabilities.
In recent years, the Singapore government has declared a War On Diabetes, with one in nine Singaporeans having diabetes. Diabetes is also prevalent in other Asian countries. According to the Asian Diabetes Prevention Initiative, 60 per cent of the world’s diabetics live in Asia. Studies also show that Asians are at a higher risk of developing Type 2 diabetes caused by lifestyle risk factors such as unhealthy diet, lack of physical activity and smoking.
The company’s invention, 5ibrePlus™, aims to tackle this problem by altering the GI and increasing the fibre content of common white refined carbohydrate staples like white jasmine rice, bread and noodles without changing the taste, texture and colour of the food. This innovative solution will enable and enhance adoption by commercial players substantially.
“Heritas invests in promising ventures across the healthcare space including therapeutics, wellness and preventive care tackling the huge challenges facing Asian populations. We believe healthier diet is a key component and the Alchemy team has what it takes to make existing Asian staples better for health without having to modify taste preferences and hence promote stronger adoption and health outcomes”, said Mr. Chik Wai Chiew, CEO and Executive Director of Heritas Capital Management.
This investment marks the first deep tech startup collaboration between Heritas and SEEDS Capital under the Enterprise Singapore Startup SG Equity Scheme to jointly support deep tech startups. The funding from Heritas Venture Fund and SEEDS Capital will be used to help Alchemy further develop their proprietary technology platform, complete clinical studies and to accelerate co-development projects with food manufacturers to incorporate Alchemy’s technology into everyday staples.
“Since its inception three years ago, Enterprise Singapore has been supporting Alchemy FoodTech in research and development to develop its proprietary solution via its deep tech commercialisation grants. SEEDS Capital is excited to now be part of the company’s journey by co-‐leading this investment round. This is in line with Enterprise Singapore’s strategy to encourage disruptive innovations in the agri-‐food space. We will continue supporting the founders as they build core capabilities for growth, and scale their offering globally,” said Mr. Geoffrey Yeo, General Manager of SEEDS Capital.
“We are very thankful for the support and belief shown to us by Heritas Capital Management & SEEDS Capital. Without Enterprise Singapore, it would not have been possible to develop our technologies and also get through clinical studies. Our mission is to fight diabetes with food innovation, and yet without changing lifestyle habits so as to achieve the greatest compliance and adoption. This round of investment allows us to work with partnering food manufacturers to customise solutions for them, and conduct pilot commercial trials with them. Several food manufacturers who care for their customers have already expressed strong interest and we have commenced application projects.” said Mr. Alan Phua, CEO of Alchemy FoodTech.
Alchemy FoodTech is also an incubatee supported by NUS Enterprise, the entrepreneurial arm of the National University of Singapore.