Better Bite Ventures Focuses on Funding Startups in the Alternative Protein Segment
In discussing environmental degradation, UN scientists stated that raising animals for food is one of the main causes of urgent environmental problems in the world. Equivalent to global warming, land degradation, air and water pollution, and loss of biodiversity.
Analysis from Johns Hopkins University shows that alternative protein products can save up to 93% of greenhouse gas emissions, 89% of water and 98% of land use, compared to conventional animal protein.
Based on these issues and potential, a venture capital firm focused on supporting early-stage Asia Pacific (APAC) startups in the alternative protein sector “Better Bite Ventures” announced the launch of a $15 million managed fund.
The company’s mission is to support early-stage founders developing important climate-friendly alternatives to animal protein in what it describes as the ‘world’s largest food market’.
The company targets to invest in 20-30 companies in Asia Pacific. This investment will focus on reaching pre-seed and seed companies with a value range of $200-$700 thousand.
The managed fund is also supported by leading impact investors, managed fund managers for advanced companies, conglomerates, and food and technology entrepreneurs from Asia, the US and Europe. The biggest LPs come from Southeast Asia.
Have Invested In 10 Regional Startups
Better Bite Ventures was founded by Michal Klar and Simon Newstad, both of whom have strong backgrounds in the alternative protein industry with over 20 years of experience including running Future Food Now and the Vegan Startup podcast.
In addition, they are also active as angel investors in related segments. Starting from a common vision and mission, they decided that it was time to take a step further and focus on building an alternative protein ecosystem in Asia Pacific.
“We are here to invest in founders who dare to build the food technology unicorn of Asia’s future,” said General Partner Michal Klar. “Now is the momentum for Asia. We believe companies with local insights will take a leading role in this fast-growing market” .
In a brief interview with the DailySocial.id team, Michal also revealed that this investment is closely related to the overall impact, but also from the perspective of potential profitability and growth.
To date, Better Bite Ventures has invested in 10 regional startups spanning the full range of alternative protein technologies, from plant-based agriculture to supply chain solutions. So far, the funds have been channeled to solution developers who are leading the Green Rebel market from Indonesia.
Focus on Indonesian Market
According to a recent Boston Consulting Group study, the global alternative protein market is projected to reach more than $290 billion by 2035, approximately 11 percent of the total protein market as a whole, of which two-thirds is thought to be contributed by the APAC region.
The nonprofit Good Food Institute published data showing that more than $3 billion was invested into alternative protein startups in 2020, with APAC startups contributing more than $230 million.
The 2021 figures are expected to show even greater growth. Seeing these numbers, Michal believes the potential for growth in this segment in the future. Michal also mentioned that the amount is only a small part of the total potential.
“Basically we believe that this is the right time, the momentum is there, and Asia will grow hand in hand with the rest of the world. This excites us,” he said.
He also revealed that Indonesia is one of the largest and most attractive markets in Asia. Apart from his five years of experience living in this country, the other co-founder, Simon, is also of Indonesian descent. Therefore, they feel they have a personal bond with this area.
In addition, Michal also admits that the Indonesian people, especially the urbanites, have a very open mind to adopting new trends. Ten years ago, he said, it was still difficult to find a vegetarian place to eat in this area. Now, many restaurants already offer this menu.