“Our mission is to serve high-standard consumers with healthy and tasty plant-based desserts that provide balance for one’s spirit and body and at the same time reduce carbon emissions and contribute to the cause of sustainability.”
-Michelle Tseng, Founder & CEO, Greenice

In 2020, Michelle Tseng was the head of Food & Beverage at IKEA China as that company began developing plant-based products for its food hall. She had a front-row seat to understanding consumer sentiment on the category, and she gained a deep knowledge of plant-based products’ health and environmental benefits. Yet she also watched consumers criticizing certain plant-based products as “not tasty,” “heavily processed,” and “much more expensive than non-vegetarian products.” Michelle knew there was an opportunity for plant-based products to be tasty, healthy, trendy, and affordable. She began to consider re-entering the entrepreneurial world to solve those pain points in the plant-based products space.

In May 2022, Michelle was scrolling through a Chinese recruiting platform when she saw a recruiting ad from Lever looking for committed entrepreneurs to join the alternative protein industry. It was what Michelle was looking for—a partner that could help her think through and launch a new company in the category—and Michelle responded to the posting. After a few meetings, Lever decided to partner with Michelle to help her plan, incorporate, and begin to build the company, in addition to providing program-related investment funding to launch her new company.

“In our earliest stage, the formation stage, Lever saw our potential despite the many challenges new companies face. The Lever team is very experienced, and their guidance and support helped us have a solid launch and hit the ground running so I could focus on delivering our product to the market.”
-Michelle Tseng, Founder & CEO, Greenice

In her previous role as an entrepreneur and food and beverages industry expert, Michelle had abundant experience with restaurant chains, marketing, operations, and building popular food products. Lever tailored its support for Michelle, assisting with the company’s legal set-up, financial planning and projections, PR, sales channel introductions, and fundraising strategy. As a result, Michelle has been able to launch her company from the “PPT stage into existence” and achieved significant sales within the first few months of operations.

In July 2022, Greenice’s commercial production and sales began with the launch of a range of unique new products. Michelle and her team created plant-based versions of popular Song Dynasty gift boxes designed for the peak seasons of the Mid-Autumn Festival and Teacher’s Day. These gift boxes showcased five flavors of plant-based desserts with elements of the sophisticated Song Dynasty culture. The boxes became the official gift boxes of the Westin Hotel in Nanjing, AXA Insurance Company, and other clients. Greenice also released a plant-based coconut ice-cream dessert served in a natural coconut shell, both through online channels and through a partnership with the popular Shanghai hotpot restaurant chain Just Thai. With a burst of sales in its first few months in operation, Greenice proved it could attract a broad customer base, including consumers who might not typically consume plant-based products, through the blend of delicate, artistic design and a high-quality taste.    

“We are here to offer delicious desserts and foods with the underlying fundamentals of being plant-based, affordable, healthy and sustainable. With Lever as my partner, we can realize these opportunities for the domestic and global markets.”
-Michelle Tseng, Founder & CEO, Greenice

If you are an aspiring entrepreneur in Asia considering founding your own alternative company, please contact us to learn more about Lever China’s Venture Building Services.

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