Heritas Capital continues backing Alchemy Foodtech in its oversubscribed US$3m extended bridge round

Heritas Capital continues backing Alchemy Foodtech in its oversubscribed US$3m extended bridge round

Alchemy Foodtech, a Singapore-based food innovation company with a mission to “Make Carbs Good” by reducing carbohydrates, sugar and GI of foods while delivering great taste, raised USD$3million from investors including public-listed Thai President Foods, Pine Venture Partners and Selera Kapital, an investment arm of Sour Sally Group. Existing investors including global seafood leader Thai Union, Fuchsia Venture Capital, Heritas Capital and SEEDS Capital also followed on the investment.

The new funds will continue to support Alchemy Foodtech’s 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 B2B partners, expand to other countries including
Thailand, Indonesia, Korea, Japan and USA. We are currently working with MNCs from different countries to deliver better health in their foods,” Alan Phua, CEO of Alchemy Foodtech shared.

Hyuk-Tae Kwon, Chief Executive Officer of Pine Venture Partners, added, “We are glad to support Alchemy in its global market expansion. There is a strong demand for healthier alternatives across Asia and the rest of the world, and we believe the Alchemy team has the right capabilities and track record to capture this opportunity.”

The global demand for healthier food options is growing as more than one in three adults are overweight and one in ten adults are living with diabetes. Alchemy Foodtech is focused on addressing these issues by providing tasty, healthier food options that reduce the negative impact of excess carbs and sugar on people’s health.

The company has developed its patented Alchemy Fibre™ technology platform based on plant ingredients to replace sugars, carbs and reduce glycemic index while delivering great taste and texture.

The interest in carb and sugar reduction is growing, with many companies pledging to reduce sugar in their product offerings by 2030. With a strong global demand, Alchemy Foodtech has been collaborating with several MNCs on a wide array of products, including noodles, breads, cookies, ice creams, yogurts, and beverages, and will be launching some of these in the first half of 2023.

“Alchemy’s innovation is very timely, and we saw many synergies with our products, from MAMA instant noodles to other items that the companies in the group have. I believe that not only Thai President Foods, but many other companies can partner with Alchemy to deliver healthier, tasty foods
to their customers. Moreover, we are very excited to be one of the first Thai impact investors supporting startups, like Alchemy, that create positive impact to the society beyond just their primary customers,” said May Lerdprapapong, Investment Committee, Thai President Foods.


About Alchemy Foodtech 
Alchemy Foodtech is a Singapore-based deep tech company with a mission to “Make Carbs Good” by helping the world eat better refined carbohydrates by lowering sugar impact from foods and reducing sugar intake. This helps with incidence and improve the management of chronic diseases such as diabetes and obesity. Our research on plant ingredient characterisation, data analysis and AI prediction combined with knowledge from food science and biochemistry enables us to developed different blends of Alchemy Fibre™ that is proven to make carbs healthier. Alchemy Foodtech is currently working with established F&B establishments, retailers and manufacturers to create healthier foods for consumers. Our ingredients are proven in both lab and human studies, and our research partners include National University of Singapore and Singapore’s leading research institution, a*star. Our flagship product, Alchemy Fibre For Rice, is sold in supermarkets and e-commerce platforms in Singapore, and exported to Philippines and USA. Food services and manufacturers incorporate Alchemy Fibre blends in their recipes or use our ready-to-use sugar free baking mixes to easily whip out healthier treats for their customers. Alchemy Fibre can be incorporated into many foods and beverages, including rice, bread, noodles, cakes, cookies, yogurts, milk, jellies etc. Alchemy Foodtech is venture-backed and has won multiple awards and accolades including the Top Winner at global competition Slingshot 2018, Most Innovative Pre-Series A startup by Agfunder’s Agri-Food Tech Innovation Awards SF 2019, Top 3% Young Companies by OCBC Emerging Enterprise Award 2019, Top 500 Foodtech companies by ForwardFooding 2019-2021, DBS Foundation Social Enterprise Grant 2021, 50 Next by The World’s 50 Best 2022. To learn more, visit Alchemy’s website. Connect with Alchemy Foodtech on LinkedIn, Instagram and Facebook.

About Thai President Food
Thai President Foods PCL (TF) is a Thailand-based manufacturer and distributor of instant noodles, semi-instant foods, and biscuit products. Some of its brands include Mama, Ruski, Bissin, Thai Chef, and Bamee. It operates in six segments: Instant noodles & semi-instant foods, Biscuits, Bakery, Packaging, Fruit Juice, and others. In Thailand, Thai President Foods is the largest instant noodle manufacturer in Thailand as of 2020, with a market share of over 50%, while TF’s MAMA instant noodles keep the 1st rank in market share for about 50 years.

About Pine Venture Partners
Established in 2019, Pine Venture Partners (“PVP”) is a Singapore-based asset management company registered with the Monetary Authority of Singapore (“MAS”) to manage venture capital and private equity funds. PVP team comprises of highly experienced, on-the-ground decision makers with a deep knowledge of the Korea and Singapore/Southeast Asian market, and a strong record of portfolio management and financial advisory from leading global financial institutions. Pine Venture Partners invests in world-class entrepreneurs and innovative technologies that can become global category leaders in fast growing industries. Some of its notable portfolios include Korea’s Pinkfong Babyshark and Singapore’s igloocompany. Visit https://www.pinevp.com/ for more information.

About Selera Kapital
Selera Kapital is an investment arm of Sour Sally Group, a company with more than ten years of experience and exceptional reputation in F&B Industry. Selera Kapital strives to empower companies in need of business expansion to thrive and reach the fullest of their potentials. The company aspires to facilitate F&B players with their involvement in building the business, to grow and adapt through any kind of environment, and helps them resolve the issue of scaling up opportunity and limited funding by providing deep knowledge and necessary capital to ensure the business sustainability in the face of fast-changing market while preserving originality.

About Thai Union Group
Thai Union Group PCL is the world’s seafood leader, bringing high quality, healthy, tasty and innovative seafood products to customers across the world for 45 years. Today, Thai Union is regarded as one of the world’s leading seafood producers and is one of the largest producers of shelf-stable tuna products with annual sales exceeding THB 141.0 billion (US$ 4.5 billion) and a global workforce of more than 44,000 people who are dedicated to pioneering sustainable, innovative seafood products.
The company’s global brand portfolio includes market-leading international brands such as Chicken of the Sea, John West, Petit Navire, Parmentier, Mareblu, King Oscar, Hawesta, and Rügen Fisch, Thai-leading brands SEALECT, Fisho, Qfresh, Monori, OMG Meat, Bellotta and Marvo, and ingredient and supplement brands UniQ®BONE, UniQ®DHA and ZEAvita.
As a company committed to “Healthy Living, Healthy Oceans,” Thai Union is proud to be a member of the United Nations Global Compact, a founding participating company of the International Seafood Sustainability Foundation (ISSF), and current Chair of Seafood Business for Ocean Stewardship (SeaBOS). Thai Union’s on-going work through its SeaChange® sustainability strategy was recognized when the company was listed on the Dow Jones Sustainability Indices (DJSI) for the eighth consecutive year in 2021. Thai Union was also named to the FTSE4Good Emerging Index for the sixth straight year in 2021. Find out more about our work at seachangesustainability.org.

About Fuchsia Venture Capital
Fuchsia VC is the Corporate Venture Capital (CVC) arm of Muang Thai Group Holding, a leading financial conglomerate in Thailand and SEA. The fund focuses on strategic investment with key interest in Insurtech, Healthtech, Foodtech and technologies that help improve consumers’ health, wealth and wellness. Fuchsia VC provides not only financial support, but also strategic partnership into its group’s ecosystem. The vision and passion of the fund is to improve the quality and longevity of life through innovation and technology.

About Heritas Capital
Heritas Capital is a Singapore-based private equity and venture capital investment firm, building a multi-fund impact investment platform that invests in companies across the healthcare, education, environment, and technology sectors. Guided by its investment philosophy, “Invest with Purpose, Impact Across Generations”, Heritas Capital backs innovative companies to become emerging champions and drive inclusive growth that improves the lives of local communities and the environment while delivering sustainable returns to investors. Heritas Capital’s impact-in-action platform Heritas Cares is an initiative to raise awareness of unmet social needs and to catalyse positive impact to the community through partnerships with its portfolio companies for the benefit of the local communities in which it operates. Visit www.heritascapital.com for more information.

About SEEDS Capital
As the investment arm of Enterprise Singapore, SEEDS Capital catalyses smart investments into innovative Singapore-based early-stage startups with strong intellectual content and global market potential. We adopt a co-investment model, working hand in hand with institutional investors from around the world. Leveraging our collective expertise and networks, we help startups commercialise, realise their business development plans and expand globally. We focus our investments into emerging and strategic sectors aligned with national priorities, including Manufacturing, Trade & Connectivity, Human Health & Potential, Urban Solutions & Sustainability, and Smart Nation & Digital Economy. Visit https://www.enterprisesg.gov.sg/ for more information.