SINGAPORE (Oct 9): Ricky Lin wants to start a food manufacturing facility in one of the most expensive cities in the world. In the past two years, Lin and his team have developed a plant-based meat alternative called Veego. It looks like frozen fish paste; has a texture slightly similar to meat; and can be steamed, air-fried or cooked in any other fashion imaginable. It also contains 18g of protein per 100g — slightly less than fish but more than bean curd.
Lin thinks Veego is likely to find a market among Singapore’s institutional caterers, who are seeking healthier food options as society gets wealthier and more health-conscious. So he hopes to produce Veego here and sell it in bulk to these caterers.
To do so, Lin needs to raise $1.5 million. With this money, he will rent a factory space and produce 25 tonnes of meatless protein a month. “A lot of food tech [start-ups] do not want to see through the entire commercialisation process. They are more interested in the development [of the intellectual property rights],” he says on the sideline of this year’s TechInnovation event, held on Sept 19 and 20. Organised by IPI Singapore, an innovation enabler established by the Ministry of Trade and Industry, the event aims to bring together technology providers and seekers.