Growthwell Foods has successfully raised US$22 million in a Series A funding led by Creadev, with the participation of GGV Capital, Iris Fund (Iris Capital and Hanwha, supported by Penjana Kapital) and existing investors Temasek and DSG Consumer Partners.
Growthwell Foods, a leading manufacturer of plant-based alternatives for meat and seafood, aims to accelerate its business expansion and product development efforts within the region leveraging this fundraise, which is nearly three times of what was raised during the seed round in 2019
The investment will fund Growthwell’s vision to become Asia’s leading plant nutrition food tech company, with an aim to care for 100 million lives with sustainable and nutritious plant-based choices while reducing the world’s reliance of meat and seafood and with that reducing the impact on the environment.
Justin Chou, Executive Director of Growthwell Foods says, “We are extremely pleased to have global investors like Creadev and GGV Capital onboard Growthwell as we look to scale up our plant nutrition business beyond Southeast Asia. We are thankful to have the conviction and continual support of existing investors like Temasek and DSG Consumer Partners as Growthwell continues to further strengthen and grow the team beyond the family members. We believe our current series A fund raising round is one of the largest in the Southeast Asia food tech space and we will continue to trail blaze plant nutrition in Asia.”
Alan Zhu, Co-head of Creadev China says, “Observing consumers’ rising consciousness toward healthy eating and sustainable consumption, we have a strong conviction that the plant-based food targeting the younger generation and flexitarian consumer group will have robust growth in the years ahead. After conducting extensive market studies across the globe, we are happy to partner with Growthwell as it commands whole value chain competence from ingredients to product and differentiation of plant-based seafood with Asian cuisine focus. We believe Justin, together with the highly motivated management team, can bring the business to another level and one day become the champion in this uprising market.”
Jenny Lee, Managing Partner at GGV Capital says, “Sustainability, especially around the food supply chain and ingredient sources, is a key thesis for the GGV team globally. We look forward to partnering with Growthwell to capture the large mass-market opportunity in alternative protein and to develop new, affordable, and delicious plant-based analogues that people from all walks of life will enjoy eating. Justin has put together a team to leverage decades of IP and know-how in his family business with ChickP Israel to take this venture to the next era.”
Creadev is a global private equity investment firm controlled by the Mulliez family, founders of one of the largest Business to Consumer retail platforms in the world. Creadev is committed to long-term collaboration with innovative, passionate, and human-driven entrepreneurs that are focused on creating widespread access to essential goods and services such as food, sustainable consumption, and healthcare. Headquartered in Paris, and with offices in New York, Shanghai, and Nairobi, Creadev invests in companies well positioned to scale and become worldwide leaders in their respective sectors. Launched in 2002, Creadev has invested over €1.5 billion in companies in stages ranging from venture to growth equity and buyout.
About GGV Capital
GGV Capital is a global venture firm that invests in local founders. With $9.2 billion under our management, we have investments in the United States, Canada, China, Southeast Asia, India, Latin America, and Israel. As a multi-stage, sector-focused firm, GGV Capital invests in seed-to-growth stage companies across three sectors: Social/Internet, Enterprise Tech, and Smart Tech. Over the past two decades, we have backed more than 400 companies around the world, including Affirm, Airbnb, Alibaba, Big Commerce, Boss Zhipin, Grab, HashiCorp, Hello, JD MRO, Keep, Kujiale, Manbang, NIU, Opendoor Technologies, Peloton, Poshmark, Qunar/Ctrip, Slack, Square, StockX, Udaan, Wish, Xpeng, Zendesk, and more. To date, GGV has invested across the entire food value chain with the Bowery Farms (USA), Frubana (LatAm), Next Gen Foods (Singapore/Global), RedefineMeat (Israel/Europe), and others.