Alchemy Foodtech Pte Ltd, a Singapore-based food innovation startup that develops active food ingredients to turn daily essential foods to healthier options, has secured US$3 million in venture funding from public-listed Thai President Foods, Pine Venture Partners, Selera Kapital, Thai Union Venture Fund, Fuchsia Venture Capital, Heritas Capital and Seeds Capital (investment arm of Enterprise Singapore).
The new funds raised will continue to support Alchemy Foodtech’s next stage of development in both local and overseas markets. Alan Phua, CEO of Alchemy Foodtech said, “With the funds raised, we are able to pursue our growth in China and support our new China office, and through distributors and business to business (B2B) partners, expand to other countries including Thailand, Indonesia, Korea, Japan and United States.” Phua added that the company is currently working with multinational companies (MNCs) from different countries to deliver better health in their foods.
Alchemy Foodtech is a Singapore-based deep tech company with a mission to ‘Make Carbs Good’ by helping the world eat better refined carbohydrates by lowering sugar impact from foods and reducing sugar intake.
Investor Hyuk-Tae Kwon, CEO of Pine Venture Partners said, “There is a strong demand for healthier alternatives across Asia and the rest of the world, and we believe the Alchemy team has the right capabilities and track record to capture this opportunity.” Global demand for healthier food options is growing as more than one in 3 adults are overweight and one in 10 adults are living with diabetes.
Alchemy Foodtech is focused on addressing these issues by providing tasty, healthier food options that reduce the negative impact of excess carbs and sugar on people’s health. The company has developed its patented Alchemy Fibre™ technology platform based on plant ingredients to replace sugars, carbs and reduce glycemic index while delivering great taste and texture. The interest in carb and sugar reduction is growing, with many companies pledging to reduce sugar in their product offerings by 2030.
With a strong global demand, Alchemy Foodtech has been collaborating with several MNCs on a wide range of products from noodles to breads, cookies, ice creams, yogurts and beverages, and will be launching some of these in the first half of 2023.
May Lerdprapapong, Investment Committee, Thai President Foods said, “Alchemy Foodtech’s innovation is very timely, and we saw many synergies with our products from MAMA instant noodles to other items that the companies in the group have. I believe that not only Thai President Foods, but many other companies can partner with Alchemy to deliver healthier, tasty foods to their customers.”
Alchemy Foodtech ingredients are scientifically proven in both lab and human studies, and its research partners include National University of Singapore and Singapore’s leading research institution, A*STAR. Its flagship product, Alchemy Fibre For Rice, is sold in supermarkets and e-commerce platforms in Singapore, and exported to the US and the Philippines.
