October 1, 2020
Thai Union to invest in four food tech companies
Thai Union Group PCL has announced four new investments in the food tech space through its recently created venture fund, which focuses on alternative protein, functional nutrition and value chain technology start-ups.
The company will invest into HydroNeo GmbH, an aquaculture technology company based in Germany and Thailand, Manna Foods Co, an insect tech and e-commerce company in the United States, and Alchemy Foodtech Pte. Ltd., a Singapore-based diabetes food tech innovation company. All three companies were part of the first cohort of SPACE-F, the first food tech incubator and accelerator programme in Thailand, which Thai Union is a founding partner of, alongside Mahidol University and Thailand's National Innovation Agency.
In addition, Thai Union will invest in VisVires New Protein, a Singapore-based food tech investment fund, to deepen its network of identifying co-investment and collaborative opportunities in the global agrifood tech ecosystem.
Thiraphong Chansiri, president and CEO of Thai Union says, "We are committed to open innovation as an important part in Thai Union's innovation strategy, complementing our in-house innovation efforts. As such, we are working with external parties including universities, research institutions and the broader food tech ecosystem to support and fast-track innovative ideas and technologies. Our venture capital investments in the food tech space are an important part of this. Of course, our investment in these companies goes beyond a financial commitment as we also intend to provide guidance and support and will look to pursue collaborations wherever possible. In addition, investing into VisVires also opens a wider, global spectrum for opportunities and we're looking forward to developing a range of exciting opportunities with them."
Thai Union's venture fund was launched in 2019 with an initial commitment of US$30 million and focuses its investments on three strategic areas: alternative protein, functional nutrition and new technologies along the food value chain.