Rise Fund, Swire back Asia plant-based food specialist

It is said to be the largest investment in the alternative protein space within Asia. Additional commitments came from CPT Capital, Jefferies Group, and Sino Group’s Ng Family Trust. Existing investors in the business include Happiness Capital, a vehicle controlled by Lee Kum Kee Health Products, and individuals such as James Cameron, Mary McCartney, and Susan Rockefeller.

Green Monday Holdings is a subsidiary of Green Monday Group, which was established in 2012. The company operates OmniFoods, a manufacturer of alternative protein products such as OmniPork, OmniPork Luncheon, OmniPork Strip and OmniEat. It also owns Green Common, a one-stop plant-based platform – combining retail, distribution and dining services – in more than Asian 10 markets.

OmniPork is served onboard Cathay Pacific flights – the airline is a subsidiary of Swire – and there are plans to develop new menus to suit the taste of passengers who increasingly prioritize health, wellness, and environmental sustainability. In addition, Swire wants to work with Green Monday on retail initiatives, establishing partnerships with companies that use its shopping malls and hotels.

The new capital will go toward enhancing the company’s R&D efforts, developing its production, distribution and supply chain capabilities, and scaling up its retail network. Over the next six months, Green Monday wants to expand its presence to more than 20 markets globally, increase points of sale from 20,000 to 40,000, and launch Green Common flagship stores in China and Singapore.

“The production of plant-based protein is more sustainable, less resource intensive, and better for the environment than farming livestock for meat-based proteins,” said Maya Chorengel, co-managing partner of The Rise Fund, in a statement. “We are excited to help Green Monday scale its impact by introducing consumers across Asia to a growing selection of high quality, great-tasting protein alternatives.”

Investment in food innovation is surging on the back of several trends related to food safety concerns, environmentalism, and increased health consciousness that are seen as particularly attractive in China. Several specialist GPs have emerged within the region, among them Big Idea Ventures and Lever VC. Lever, which recently announced a $23 million first close on its debut fund, was established by two early investors in Beyond Meat and Impossible Foods.

The first iteration of The Rise Fund closed at $2 billion in 2017, while the second had raised $1.7 billion against a target of $2.5 billion as of October last year. Recent Asia-based activity includes the acquisition of Bangladesh-based Apollo Hospitals Dhaka by Evercare, a South Asia and Africa-focused healthcare delivery platform controlled by The Rise Fund.

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• Topics
• Greater China
• Early-stage
• Consumer
• Cleantech
• Hong Kong (China)
• TPG Capital
• Impact investment