Lever China invests in six alternative protein startups to bolster China’s food system

CHINA – Lever China has invested in six alternative protein companies in an effort to build an innovative, healthier, diversified, and sustainable food system.

Based in Shanghai, China’s largest city and finance hub,  Lever China invests in entrepreneurs and early stage companies creating the future of alternative protein in China.

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The new investment have expands the company’s portfolio to a total of 12 startups across plant-based meat and dairy, plant protein, precision, and biomass fermentation, and cultivated meat.

The six latest companies that have received early backing from Lever China include Blue Canopy, Marvelous Foods, Hyplant, Good Food Technologies, iDAMA, and NewDay Farm.

Hong Kong-based Blue Canopy is fermentation protein technology company that uses biomass fermentation and precision fermentation technologies to produce animal protein ingredients that can be used to make human and pet food.

We are excited to be helping support the development of cutting-edge technologies in the domestic alternative protein industry, and will continue to support outstanding founders and build an empowering environment

Lily Chen, Program Director at Lever China Tweet

Marvelous Foods is based in Shanghai and develops plant-based yogurt, and dairy products while iDAMA operates its plant-based ice cream and frozen desserts business from both Guangzhou- and Hong Kong.

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Additionally, Hyplant works from its  base in Shanghai-and Jiangsu and is in the soy protein ingredients space where it churns out higher-quality ingredients for plant-based meat and other foods.

Good Food Technologie is based in Shenzhen- and Hong Kong and uses proprietary fat technology to produce products catered to Chinese culinary applications.

Meanwhile, NewDay Farm is a Jiangsu-based cultivated meat company with unique technology to significantly reduce ingredient and production costs.

Lever China had previously completed investments in plant-based meat companies Herotein, Haofood, and Meat Fresh; cultivated meat companies Avant Meats and CellX, and fermentation company New Singularity.

The investment company said Haofood recently closed a US$3.5 million seed round with investors including Monde Nissin CEO Henry Soesanto and Rich Products Corporation.

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Herotein has also raised an additional US$2.5 million from a range of local and international investors and CellX has gone on to raise US$ 15 million in additional capital from a range of investors including Zenith Fund and Cloud Nine Capital.

Meanwhile, Avant Meats has gone on to secure US$15million in additional capital as well from leading international AgriFood investors, Lever China stated.

Lily Chen, Program Director at Lever China said: “Lever China’s first batch of portfolio companies has seen excellent progress in valuation, technology development, and growth in sales.”

“We are excited to be helping support the development of cutting-edge technologies in the domestic alternative protein industry, and will continue to support outstanding founders and build an empowering environment.”

Lever China investment come as China’s focus on food safety and environmental sustainability continues to grow.

During the two sessions of the National People’s Congress in March, President Xi Jinping highlighted the importance of diversifying the country’s sources of protein.

The president mentioned that the country should expand from traditional crops and livestock resources to richer biological resources, develop biotechnology and bio-industries, and cultivate plants, animals, and microorganisms for calories and protein.

The Sixth Assessment Report (AR6) published in April 2022, also suggested increasing plant-based protein intake and developing fermentation, cell cultivation, and plant-based technologies as effective measures to significantly reduce greenhouse gas emissions.

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