Korean start-up integrates “oceanic veggies” into alt-meat with seaweed heme ingredient for Singapore
14 Sep 2023 ---Korean food tech start-up HN-Novatech has launched ACOMS: the world’s first proprietary heme-based seaweed ingredient for use in plant-based meat products in Singapore. Additionally, the company has recently landed funds worth US$4 million.
ACOMS is an X-factor protein found and extracted from seaweed that reportedly gives plant-based meat primers an “accurate meat” flavor.
Kim Yang-hee, CEO of HN-Novatech, has hailed its successful capital raise as a “true testament to the growth of Novatech’s advancing food technological capabilities and strong customer acquisition prospects for the months ahead.”
HN-Novatech is a food materials technology company in South Korea specializing in developing sustainable food ingredient alternatives.
The lead investor in the deal is Logan Ventures, which is one of the leading Southeast Asian investors who were present at the first taste test of HN-Novatech’s signature ingredient held during the start-up’s exclusive SEA launch in Singapore jointly organized by Singapore Tembusutech Innovation and KILSA Global.
A historical ingredient processed with naturalness
Across the world, food companies are realizing the potential of seaweed as an abundant ocean resource. For instance, in Scotland, Seaweed Enterprises plans to cultivate a UK hub for sustainable seaweed since the ingredient is a potent and sustainable asset packed with nutritional benefits for food.
Kim Yang-hee, CEO of HN-Novatech, with her team in Singapore.Sean Tan, co-founder of KILSA Global, states that the historical presence of seaweed in Asian diets spans centuries.
“As part of HN-Novatech’s exclusive global management office team in Singapore, it’s thrilling to observe how these oceanic veggies can be integrated into meat alternatives. The enthusiastic response and engagements from the event underline a dedicated move toward a more sustainable future,” he says.
The company says that its protein extraction process and final product furnishing are additive and preservative-free free.
“It truly stands out in a plant-based world full of artificial additives, chemical and flavor enhancers.”
Leveraging the burgeoning alternative meat industry’s growth
According to Fortune Business Insider, the global meat substitutes market size was valued at US$5.41 billion in 2021 and is projected to grow to US$12.30 billion by 2029.
Additionally, Innova data indicates that meat substitutes are the fastest-growing category for sustainable product launches, with 24% of launches tracked with ethical claims.
Meat substitutes are the fastest-growing category for sustainable product launches.Yang-Hee underscored that the alternative meat industry’s surge in the US and Europe is mirrored in Asia. Further, Singapore appeals to global companies due to its strategic location, government assistance and adept workforce.
Therefore, the company aims to establish its presence in Singapore and make its mark as a critical player in the growing plant-based meat substitute market within the ASEAN region.
Eyeing the Asia Pacific market, its food technology processing facility construction will begin in Korea soon.
Furthermore, to get to grips with complex issues, the company claims to have a strong R&D team, biotech engineers, food scientists, nutritionists and business and sustainability professionals to propel its growth in the future.
By Insha Naureen
