Siu mai (Chinese steamed dumplings) made with cell-based shrimp. Photo: Shiok Meats.

Cell-based seafood firm's fundraising tops $30m

Singapore start-up Shiok Meats, which grows seafood and meat from cells, has raised more money in a bridge funding round led by Vietnam’s top seafood exporter Vinh Hoan, and two South Korean food giant, Woowa Brothers and CJ CheilJedang.

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Shiok said the proceeds will primarily be used to fund its ongoing R&D, help build its new production site, and lower costs. Although the amount raised in the bridging round was not disclosed, the company said it brings the total raised capital to around US $30 million.

That figure includes a $12.6m Series A capital raise that closed in November last year. Shiok has also received a proof-of-value (POV) grant from state agency Enterprise Singapore to fast-track technology development and commercialisation.

Sandhya Sriram: "The next 12-18 months are crucial".

Production facility

Shiok chief executive and co-founder Dr Sandhya Sriram said: “The next 12-18 months are crucial, and the funds will allow us to advance our R&D efforts and build a state-of-the-art production facility in Singapore.

“We will expand operations, collaborations and also work on vertical and/or horizontal integration within the alternative protein industry.”

Shiok is hoping to commercialise its products, which include cell-based shrimp, lobster, crab, crayfish, next year.

Novel technology

Chief technology officer and co-founder Dr Ka Yi Lang said: “We are committed to bringing this novel technology to the forefront of global food systems, so they are robust enough to feed 10 billion people by 2050.

“As a pioneer venture, we will also continue to do our part in educating consumers on the benefits of cell-based meat technology for the environment, human health, and animal welfare.”