Float Foods, a Singapore-based company, a company that specializes in producing plant-based whole chicken eggs, has been earned S$2.2 million ($1.66 million) in new seed funding.
According to AgFunder News, ‘Local VC firms DSG Consumer Partners and Insignia Ventures Partners co-led the round, with Apricot Capital, Baksh Capital, and Teja Ventures — which claims to be the first VC specifically supporting female entrepreneurs in emerging Asian economies — also investing.’
Other “agrifood” corporations chipped in too. This includes Agrocorp Ventures, the VC arm of Singapore-based agribusiness and commodities handler Agrocorp; Water Tiger Investments, a food importer; and Ebb & Flow, a food and beverage group.
Additionally, a government-supported company, Innovate360, a foodtech incubator, also invested and operates out of its workplace.
Founder of Float Funds, Vinita Choolani – a former sales and marketing executive and serial entrepreneur – explains the mission of the company: develop a ‘whole egg’ that is plant-based and still contains “as many proteins and vitamins” as a real chicken egg.
The product is called OnlyEg, and it is derived from legumes and is separated into two parts: the yolk and the white.
‘This allows OnlyEg to be prepared in largely the same way as their bird-birthed counterparts. It can be used to make dishes like soft-boiled eggs or sunny-side-ups, where the distinction between white and yolk needs to be maintained throughout the cooking process,’ says AgFunder News.
A key component of Float Foods’ plant-based food mission is a “Food as Medicine”approach – where the nutritional benefits offered by plant-based food is recognised as paramount.
Says the website, describing their eggs
OnlyEg has some competition, one of them being another Singapore-based company, but their plant-based eggs come in a liquid form to be cooked into things such as omelets, and other baked goods. Additionally, the U.S.-based company Eat Just, which made history in Singapore last year securing the world’s first regulatory approval for a ‘lab-grown’ meat product, and building a $100 million facility to produce their plant-based meats.
The capital and insights from our unique mix of strategic partners allows us to start planning our roadmap for regional expansion after Singapore, and start making inroads to key markets such as China, India, and Indonesia.
Ultimately we want to be able to champion a plant-based food ecosystem that can be adapted to support food security both in Singapore and across the region.
Vinita Choolani
The product is expected to released next year, while also working on “egg patties” and shreds that will be released this year.
According to the company’s website, they have a “30×30 Vision.” They say that because of the Covid pandemonium, supply chains have been rocked and we must “build resilience and capabilities in local food production and agriculture.”
Singapore’s target is to produce 30% of our nutritional needs locally by 2030 – the “30 x 30” goal*. Float Foods is committed to help contribute to next generation technology and build expertise to meet this target.
Says the website
AUTHOR COMMENTARY
[1] Now the Spirit speaketh expressly, that in the latter times some shall depart from the faith, giving heed to seducing spirits, and doctrines of devils; [2] Speaking lies in hypocrisy; having their conscience seared with a hot iron; [3] Forbidding to marry, and commanding to abstain from meats, which God hath created to be received with thanksgiving of them which believe and know the truth. [4] For every creature of God is good, and nothing to be refused, if it be received with thanksgiving: [5] For it is sanctified by the word of God and prayer.1 Timothy 4:1-5
Here is yet another angle of the fulfillment of 1 Timothy 4 – which will only continue to accelerate. Knowing that these companies are developing artificial eggs, it is not too farfetched, in my eyes, for them to start to actual hatch a living chicken that can mature and produce its own eggs. We’ll have to wait and see.
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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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