Indonesia-based foodtech startup OFF FOODS as we speak introduced a US$1.7 million seed funding spherical led by Alpha JWC Ventures with the participation World Founders Capital (GFC) and different strategic traders together with Artistic Gorilla Capital, Lemonilo, and United Household Capital (UFC).
The corporate plans to make use of the funding to help its analysis and growth to supply new variations of its flagship product OFF MEAT, a chicken-like various protein, beginning with different chicken-like choices resembling nuggets. The corporate will even proceed to increase to different cities in Indonesia whereas additionally launching a direct-to-customer sport plan to succeed in extra customers.
“We’re doing extra than simply promoting meals. We’re trailblazing a way of life change in Indonesia that hopefully will end in a more healthy society and extra sustainable earth. OFF MEAT and Indonesia are solely our beginning factors. We’re happy to obtain such enthusiasm from our new and current traders, together with established specialists within the F&B business, and we’re excited to maneuver ahead with our product innovation, nationwide growth quickly, and finally regional growth in 2024,” mentioned OFF FOODS co-founder and CEO Dominik Laurus in a press assertion.
Based in 2021 by serial entrepreneurs Laurus and Jhameson Ko, OFF FOODS goals to be the main various protein model in Indonesia and past.
Value has been one of many key boundaries for purchasers to undertake various protein merchandise and embrace a plant-based way of life, and OFF FOODS goals to resolve this problem by offering a extra reasonably priced various.
Since its launch in August 2021, the corporate mentioned that OFF MEAT has seen 10x development in adoption by way of business-to-business (B2B) partnerships with eating places. Its merchandise are presently accessible in seven cities in Indonesia by way of its companion eating places.
OFF FOODS plans to proceed increasing the listing of F&B companies that it’s teaming up with.
In Indonesia, one other startup that’s working within the various protein house is Burgreens.
For lead investor Alpha JWC Ventures, this announcement was introduced solely a day after the announcement of its funding in Hangry, one other Indonesia-based foodtech startup.
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Picture Credit score: OFF FOOD
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