Japanese Food Tech Company Raises $47.44 Million in Series C Funding Round
Tokyo-based plant-based meat producer DAIZ has announced a successful Series C funding round, raising 7.1 billion yen (approximately $47.44 million). The capital, a mix of loans and equity, will be used to build a new 40,000-square-meter production facility in Kumamoto, slated to be the largest of its kind in Japan.
Expanding Production and Job Opportunities
The new facility is expected to commence operations in February 2025 and aims to produce 20,000 tons of DAIZ's plant-based "Miracle Meat" annually. The company plans to use the new facility to expand its domestic market and accelerate its overseas export strategy. Additionally, the construction of the new site is expected to create job opportunities and stimulate the local economy.
The latest funding round brings DAIZ's total capital raised to over $87.5 million (13.1 billion yen), reportedly the largest sum ever secured in the Japanese food tech industry.
Unique Production Method
DAIZ's Miracle Meat is produced from whole soybeans, unlike many brands that use defatted soybeans. The company employs a unique high-pressure method that controls growth conditions during soybean germination. This process activates enzymes that enhance flavor and increase free amino acids, making the product distinct in the plant-based meat market.
International Partnerships and Product Range
Earlier this year, DAIZ announced a partnership with plant protein producer Roquette to develop a pea-based version of Miracle Meat. This collaboration is part of DAIZ's strategy to accelerate its international expansion. The company's product line includes a variety of meat alternatives such as burgers, gyozas, fried chicken, and even a plant-based tuna. DAIZ has also developed a liquid egg alternative, Miracle Egg, which claims to have improved functional properties and superior taste compared to other plant-based egg products.
A Commitment to Growth
Tatsuya Koitabashi, director and CFO of DAIZ, expressed gratitude to the investors and financial institutions that participated in the funding round. "In order to meet the expectations of everyone who supported us, we will use the funds raised this time for growth investments, including the construction of a new factory for our next-generation plant meat raw material, Miracle Meat," said Koitabashi.
DAIZ's latest funding round marks a significant milestone for the company and the Japanese food tech industry at large. With plans for a new production facility and an expanding product line, DAIZ is positioning itself as a major player in the rapidly growing market for plant-based meat alternatives.