Introduction
In a bold move to redefine the protein supply chain in Asia, Singaporean holding company 70/30 Food Tech is making significant strides in the development of mycelium-based protein solutions. Operating in China and other parts of Asia, this innovative venture is poised to transform the food industry by offering low-cost, whole-cut mycelium-based proteins as a sustainable and high-quality alternative to traditional animal-based proteins.
A Focus on the Asian Market
70/30 Food Tech's products are specifically designed to meet the demands of the Asian market, with a focus on mushroom-soy-based protein products for B2B clients. Among their clientele is Guaka, a Chinese restaurant chain known for its light and healthy food options, which serves an estimated 1 million end consumers across all its locations. This collaboration underscores the market's readiness for healthier and sustainable food alternatives.
Leadership Perspective
Eve Samyuktha, CEO & Founder of 70/30 Food Tech, expressed optimism about the growth potential of the plant-based sector in Asia, despite the challenges posed by the post-pandemic and economic conditions. "With fungi biomass fermentation, we can provide affordable and healthier alternatives to animal protein," she remarked, highlighting the company's commitment to innovation and sustainability.
Financial Milestones and Strategic Investments
The company recently celebrated a significant achievement by successfully closing its seed-extension round fundraising, attracting support from investors such as Better Bite Ventures and securing follow-on investments from its seed investors. The funds are earmarked for the launch of the 70/30 Mycelium Research Lab, dedicated to developing fungi-based biomass ingredients. Michal Klar, Founding Partner of Better Bite Ventures, praised 70/30 Food Tech's product pipeline and market strategy, noting the potential for mycelium-based proteins to drive consumer adoption in Asia.
The Science Behind the Innovation
70/30 Food Tech began its journey with pilot-scale experiments in biomass fermentation technologies at the Shanghai Academy of Agricultural Sciences in 2021. The goal was to develop cost-effective alternative proteins that could compete with animal-based products in both price and quality. Biomass fermentation has proven to yield high-quality protein with amino acid ratios comparable to, if not better than, those found in animal protein. Additionally, this method bypasses the need for the extrusion process, commonly associated with soy-based protein production, which has led to its classification as 'processed' food.
Achieving Market Penetration
Understanding the financial considerations of food services when transitioning from animal-based to plant-based suppliers has been crucial. "Achieving cost-efficiency is vital," stated Doris Lee, CEO of GFIC. The consultancy specializes in accelerating the development of the alternative protein industry in China and highlights the competitive pricing of 70/30 Food Tech's products as a key factor in attracting a larger market share.
Commitment to Safety and Quality
70/30 Food Tech leverages specially mutated fungi strains and innovative bioreactor process designs to ensure the safety and quality of its products. The 70/30 Mycelium Research Lab, located within a renowned biotech startup incubator, benefits from financial support and recognition as an impact project working towards sustainable solutions to combat climate change.
Invitation for Collaboration
70/30 Food Tech is actively seeking collaboration opportunities with research partners, future clients, feedstock suppliers, and early-stage investors interested in the biotech and alternative protein sector. This open invitation reflects the company's commitment to innovation, sustainability, and the development of a more resilient food system in Asia and beyond.
Conclusion
With its focus on developing mycelium-based protein solutions, 70/30 Food Tech is at the forefront of a food revolution in Asia. By offering sustainable, high-quality alternatives to traditional animal-based proteins, the company is not only addressing the growing demand for healthier food options but also contributing to the global effort to mitigate climate change. As 70/30 Food Tech continues to innovate and expand its market reach, it sets a new standard for the future of food in Asia and potentially, the world.