Singapore snacking startup making indulgent foods healthy grabs $3M in funding12 Aug 2021
Singapore-based Hoow Foods, which develops better-for-you versions of indulgent snacks and ingredients using artificial intelligence (AI), announced it secured S$3 million in a Series A funding round. The round was led by Singapore-based venture firm Farquhar VC with participation from Trive Ventures and other private investors.
"Hoow Foods and its upcoming functional ingredients could be a game changer, as it would allow decadent foods to be enjoyed by more people without the guilt, thanks to their ability to reduce or replace the unnecessary calories, fat and salt within these food items," said Jason Su, chief investment officer at Farquhar VC in a statement.
Functional foods are becoming big business. As consumers search for more from their food than just sustenance, the global functional food market, which was valued at $173.26 billion in 2019, is expected to rise to $309 billion by 2027, according to global market research firm Precedence Research. However, while functional foods are sought after, consumers are also interested in the taste of a product, which has chronically posed problems to manufacturers working to reformulate ingredients like fat, sugar and salt into better-for-you alternatives.
Hoow Foods is working to overcome this barrier using AI. The startup has an in-house food ingredient database called Re-Genesys, which contains information on food ingredients and their physicochemical properties, and the startup's AI sifts through the possible pairings of these plant-based ingredients to create combinations that are both healthy and sustainable while also catering to popular taste profiles.
“Whether you have a pre-existing health condition, are vegan, or just a health-conscious consumer, there should be alternative choices of foods for everyone without compromising on quality and taste,” said Hoow Foods co-founder and CEO Ow Yau Png in a statement.
Already the startup, which was founded in 2018, has created the popular low-calorie ice cream brand Callery's as well as a vegan-friendly premix for baked goods. But Hoow Foods is not only aiming to develop products independently. The company has a partnership with Singapore’s, Killiney Kopitiam Group through which the duo has commercialized 10 consumer packaged goods under the Killiney brand. Additionally, the startup says it has created but not commercialized over 20 prototypes using its AI database, including functional ingredients and ready-to-use products that are capable of replacing the fat and sodium in foods.
With this new funding, the Singapore-based enterprise said it will work toward expansion for both its product lines as well as its geographical footprint. In a statement, Png said Hoow Foods will spin off commercially viable products into individual subsidiaries and joint ventures. As part of its strategy, Hoow Foods intends to work with global food corporations and supermarket chains to collaborate on the development of healthier replacements for desserts, drinks, snacks and other pantry staples. Furthermore, the startup said it soon plans to enter additional markets within Asia.
Obama celebrated 60 with top vegan brands
9 Aug 2021
Plant-based foods have become so widely accepted that former President Barack Obama’s 60th birthday celebration featured a vegan, plant-based menu, according to a menu leaked by Bloomberg.Read more
Beyond Meat launches chicken tenders in US foodservice
6 Aug 2021
Beyond Meat now serves plant-based chicken nuggets at over 400 foodservice retail outlets in the United States. Its nuggets are made with a fava bean and pea protein base that the plant-based protein titan says customers consider to be on par with real...Read more
Quorn invests in new French extrusion technology
5 Aug 2021
Heritage plant-protein maker Quorn awarded its most recent Future Food-Tech Innovation Challenge award to French startup Umiami for the company's novel extrusion technology process that promises thicker, more realistic cuts of plant-based protein.Read more
Survey finds UK plant-based meals cheaper, more popular than meat
30 Jul 2021
The number of plant-based ready meals is surging in the U.K., and in addition to their increasing availability, their price point per portion is now below that of meat-filled ready meals, according to new research from the Eating Better coalition.Read more
World’s first waxed vegan cheese wheels launch in Netherlands
28 Jul 2021
A Netherlands-based cheesemaker called Max&Bien debuted the world’s first vegan cheese wheel coated in paraffin wax to emulate traditional-style Dutch cheeses. This vegan cheese comes in 1.2-kilogram wheels for cheese and delicatessen stores as well as...Read more
Animal-free dairy cheese appeals to over half of global consumers
20 Jul 2021
Globally, 70.5% of consumers said they would be willing to buy cheese made with dairy proteins that don’t come from animals, according to a new survey from the precision fermentation company Formo and the University of Bath published in the journal Fro...Read more
Provenance Bio's plant-based gelatin beats animal based options on price
12 Jul 2021
To answer the growing demand for animal-free collagen, San Francisco-based startup Provenance Bio, unveiled its first animal-free gelatin product made with its proprietary protein expression platform. The company said that the proteins it produces for ...Read more
PepsiCo doubles down on nonalcoholic cocktail mixers with Unmuddled
8 Jul 2021
Legacy soda manufacturer PepsiCo is moving deeper into the non-alcoholic cocktail space with the announcement that it will debut a line of premium mixers called Unmuddled. The product line will be available beginning in September at Fresh Thyme and on ...Read more
The Protein Brewery inaugurates pilot plant, begins producing Fermotein
2 Jul 2021
The Protein Brewery, a microbial fermentation startup from the Netherlands, announced that it has both completed the construction of its first commercial production plant in Breda, Netherlands and that it has delivered the inaugural samples of its food...Read more
Imagindairy ferments casein and whey, expects launch in two years
1 Jul 2021
Israeli startup Imagindairy is aiming to take cows out of the dairy equation entirely with its animal-free casein and whey proteins that it has developed over the course of 15 years of research. The company says that its proprietary fermentation techno...Read more
Are you a supplier?
Here's what we can do for you
- Generate quality leads for your business
- Stay visible for 365 days of the year
- Receive product inquiries and respond to meeting requests directly
- Improve company online presence through Search Engine Optimisation