Haofood secures US$3.5 million seed capital to advance R&D innovation for plant-based chicken

Haofood, the world’s pioneer in the development of plant-based chicken from peanuts, has announced it has raised US$3.5 million in a seed round, where among the co-investors are Henry Soesanto, CEO of Monde Nissin, Rich Products Ventures and Big Idea Ventures.

“We are honoured to have received backing from investors who share our passion for creating plant-based chicken alternatives that are not only sustainable, but that people enjoy. Our team of experienced food industry professionals developed proprietary technology, The Innotein, to create a variety of plant-based chicken from peanuts and other plant protein that has a distinctive texture and umami taste profile. With this round of funding, we will be able to innovate further and make excellent quality alternative protein products more accessible for consumers in China and across Asia,” shared Astrid Prajogo, founder and CEO of Haofood.

The fresh funds will be used to double down on Haofood’s ambitious goals, including diversifying its channel sales strategy and advancing its R&D infrastructure facility to grow the domestic business and expand to Asia and beyond. The new facility will enable Haofood to innovate further and improve its product portfolio—to offer consumers a variety of products that enrich their culinary experience and compliment their modern lifestyle.

“The consumers today demand healthier and more sustainable foods, the creative use of peanuts gives Haofood’s chicken its great taste but it also has even more benefits to the environment in terms of reduced water usage. It stood out to me for its clever use of food technology where they have been able to develop a product that in such a short space of time in development,” added Henry Soesanto.

“Haofood’s robust R&D and proprietary technology gives it a competitive advantage, winning over discerning Asian consumers with its great-tasting and sustainable chicken alternative products. This is our first direct strategic investment in the Asia Pacific region and we look forward to working closely with the team to scale the business in China and beyond,” added Jay Lin, VP of strategic investments APAC at Rich Products Ventures.

“The team behind Haofood is its driving strength. A truly diverse set of people from the food and retail industry are working together and innovating at the cutting edge. We are excited to join them on their very fast-moving journey to global growth,” added Christian Cadeo, managing partner Asia at Big Idea Ventures.