Shanghai-based 70/30 Food Tech, known for its plant-based ready meals, has successfully completed a seed-extension fundraising round, the details of which remain undisclosed. With the funds, the Chinese startup plans to establish the 70/30 Mycelium Research Lab, situated in Bangalore, India, within a prestigious biotech startup incubator. The lab's primary focus will be the development of cost-effective fungi-based biomass ingredients for alternative meats. This expansion allows 70/30 Food Tech to establish a presence in two key Asian markets.
The funding round garnered strong support from investors, including Better Bite Ventures and previous seed investors. Michal Klar, Founding Partner of Better Bite Ventures, expressed optimism about mycelium-based sustainable protein products, seeing them as a potential gateway to broader consumer adoption in Asia.
Recognizing the necessity for cost-effective alternatives, 70/30 Food Tech emphasizes the importance of affordability for companies transitioning from animal to plant-based products. In 2021, the company initiated pilot-scale experiments in biomass fermentation at the Shanghai Academy of Agricultural Sciences to produce economically viable mycelium ingredients.
Biomass fermentation yields high-quality protein with amino acid ratios superior to animal protein. Additionally, products made with mycelium biomass replicate the texture of animal flesh, eliminating the need for extrusion processes commonly used in soy-based products.
Despite challenges faced in 2023 due to post-pandemic and economic conditions, Eve Samyuktha, founder and CEO of 70/30 Food Tech, remains positive about the growth potential of the plant-based sector in Asia. The company aims to provide affordable and healthier alternatives to animal protein through fungi biomass fermentation.
As part of Dao Foods' portfolio, 70/30 Food Tech has introduced mushroom-soy-based protein products for B2B clients, including the Chinese restaurant chain Guaka. The new research facility in Bangalore will leverage mutated fungi strains and advanced bioreactor processes to bring innovative products to market efficiently while prioritizing safety and quality.
70/30 Food Tech welcomes collaborations with research partners, clients, feedstock suppliers, and early-stage investors interested in contributing to the development of affordable mycelium ingredients. Klar from Better Bite Ventures expressed appreciation for 70/30 Food Tech's product pipeline and unique go-to-market strategy.
[image credits: 70/30 Food Tech]