In a period where traditional investment capital for alternative protein startups has become increasingly scarce across Asia, Lever Foundation continues to provide strategic support to companies in the sector. In 2024, Lever’s targeted funding and guidance helped develop the alternative protein sector across China and Southeast Asia, contributing to business growth and environmental sustainability.
Supporting Early-Stage Growth
Lever Foundation’s early-stage funding has enabled specific launches and expansions across the region. In Malaysia, Gaia Eats demonstrated measurable growth, increasing sales by 50% within three quarters of receiving Lever’s initial funding. The company expanded its operations through Mirra Eats, a plant-based meal subscription service, building on its established $1 million annual sales base.
In the Philippines, Lever provided initial funding to Amala Foods, led by Archie Rodriguez—a seasoned businessman who previously ran and sold a 50-unit restaurant group in the country. The company has developed 13 plant-based meat and meal products designed for Filipino consumers, focusing on local taste preferences and price points.
Portfolio Company Progress
Hong Kong-based All You Need, supported through Lever’s venture builder program, has completed its business planning, product development, and manufacturer selection process. The company’s plant-based meal replacements are now entering the retail and gym markets.
Good Food Technologies has established new distribution channels for its “Plant Sifu” product line, securing partnerships with the Lianhua retail chain, Cathay Pacific Airways, IKEA, and several Hong Kong restaurant chains.
Marvelous Foods has expanded its Yeyo plant-based yogurt distribution into Ole’s 100 stores across 31 Chinese cities and premium retailers, including City Super, BHG, and ALDI. The brand has also established a strong presence in Tmall’s plant-based yogurt category.
CellX is now operating 5,000-liter industrial reactors for mushroom mycelium-based protein production, while Avant has established a pilot facility in Singapore with support from the Economic Development Board. Meanwhile, MAD Foods has entered Malaysia’s 7-Eleven retail network, and Meatless Kingdom has expanded to 100 additional retail locations while securing AirAsia as a new client.
Sector Development and Outlook
Lever Foundation’s support contributes to broader market development in Asia’s alternative protein sector. Despite current market challenges, portfolio companies continue to expand their operations and market presence.
Looking ahead, Lever will continue to identify and support entrepreneurs developing sustainable and accessible food alternatives across Asia, with an emphasis on local market adaptation and consumer accessibility.
