Thai Union to invest in four new food start-up companies

Seafood producer Thai Union Group is planning to invest in new food-tech companies through its venture fund.

Launched last year with an initial commitment of $30m, the Thai Union’s venture fund focuses on alternative protein, functional nutrition, and value chain technology start-ups.

Thai Union president and CEO Thiraphong Chansiri said: “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.”

Thai Union noted that it will invest in Alchemy Foodtech, Manna Foods, HydroNeo, which are part of the first cohort from SPACE-F, Thailand’s first food tech incubator and accelerator programme.

Thai Union is a founding partner alongside Mahidol University and Thailand’s National Innovation Agency (NIA) in SPACE-F.

Alchemy Foodtech is a Singaporean diabetes food tech innovation company, Manna Foods is a US-based insect tech and e-commerce company, and HydroNeo is an aquaculture technology firm based in Germany and Thailand.

In addition to food-tech start-up companies, Thai Union has announced an investment in Singapore’s food tech investment fund called VisVires New Protein.

By investing in VisVires New Protein, Thai Union aims to further strengthen its capabilities in exploring co-investment and collaborative opportunities in the global AgriFood tech ecosystem.

Chansiri added: “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.”

Last October, Thai Union announced an investment in Flying Spark, which produces larval insect protein as a sustainable alternative protein.