Singapore’s VisVires backs domestic food tech player

It is VisVires’ first investment in its home market. Enerfo Group, a commodity trading company and UK-based family office also contributed capital.

Nutrition Innovation develops technology that enables industrial-scale production of low glycemic, natural cane sugar as a healthier replacement for refined sugar. The company says its process retains the antioxidants and minerals that occur naturally in cane sugar but achieves “sugar reduction” of up to 70% while integrating a range of beneficial proteins and fibers.

Food manufacturers have found it challenging to replace refined sugar with alternative sweeteners, which can be expensive and lack the functional properties of sugar. The global sugar market is said to be worth $100 billion in sales a year, 90% of which is transacted in refined sugars. VisVires defined the opportunity set as coinciding with the escalating prevalence of diabetes and obesity. 

“The value proposition of Nutrition Innovation is compelling not just for the sugar mills and refineries, but also for food manufacturers and consumers,” Matthieu Vermersch, a founder and a managing partner at VisVires, said in a statement. “Despite being less than two years old, the swift establishment of their global supply footprint is a true testament to the relevance of their technology and product.”

VisVires positions itself as the first venture fund in Asia focused exclusively on food industry disruption. Although it has invested primarily in European companies to date, the aim is to support technologies that can be applied in Asia. The core strategy is to access opportunities related to a predicted shortage in animal protein and its impact on global food supply chains.

This is a rapidly developing investment theme. Activity in the past 12 months includes a $7 million round for Sunfed Meats, a specialist in vegetarian meat substitutes, and a $145 million round for Impossible Foods, a similar US-based company currently expanding into Asia. Last month, US-based Sustainable Bioproducts raised $33 million in part for Asian expansion.

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• Topics
• Southeast Asia
• Consumer
• Technology
• Early-stage
• Singapore