Food-tech startup Shandi raises second seed round to manufacture plant-based chicken in Singapore

SINGAPORE – Media OutReach – 18 August 2021 – Plant-based
food-tech company Shandi has closed its second seed round led by
Singapore-headquartered Tolaram – one of Africa’s largest packaged food
companies. Other investors in this round include Australia based food-tech
accelerator SparkLabs Cultiv8, and former CEO-India for Louis Dreyfus and
prominent angel investor Simmarpal Singh.

The fresh funding that raised more than USD700,000 will be used to
set up a manufacturing facility in Singapore to commercialise and scale
Shandi’s proprietary plant-based chicken products, including expanding
partnerships in the food sector. While Shandi has successfully produced chicken
analogues in various formats such as pieces, shreds, strips and drumsticks,
part of the proceeds would be allocated to further product innovation and
development on new textures, formats, and other meat analogues.

Shandi was founded in 2019 by food industry expert, research veteran
and lifelong vegetarian Dr Reena Sharma. The food-tech company uses a unique
process to develop and manufacture their plant-based chicken, which is made
only with natural, non-GMO ingredients such as pea protein, chickpeas, quinoa,
flax seeds, brown rice, and coconut oil, and is free from artificial
flavourings and other additives.

“We’re thrilled to bring on board a variety of strategic investors,
from a large food corporation to a sector-specific venture capital firm as well
as an angel investor. This represents a strong validation of our technology and
product, and we look forward to working with our investors to move to the next phase
and bring our products to market. With its strong logistics and supply chain,
forward-looking regulatory framework and supportive government initiatives,
Singapore is well positioned to host our first commercial plant and we’re delighted
to be setting up here,” said Dr Reena Sharma, Founder and CEO at Shandi.

This round of funding also represents Tolaram’s first investment in
the alternative protein category. Tolaram is a Singapore enterprise with
business interests across consumer products, fintech and infrastructure. It
operates 23 manufacturing facilities in Africa and leverages its deep
distribution network to bring essential consumer goods to half a billion people
in the region.

Said Deepak Singhal, MD of Consumer Products at Tolaram: “We
continue to see strong growth in the alternative protein category, especially
when more affordable options become available for emerging markets. We believe
that Shandi could be a game-changer as they have created a chicken substitute
that not only tastes and behaves like the animal meat but is also priced at par
with it. We are excited to help them go-to-market and grow, utilizing our
resources, network, and experience in building consumer brands from the ground
up.”

Bernice Tay, Director of Food Manufacturing, Enterprise Singapore
added “We are excited to see Tolaram partner Shandi to introduce a new variety
of plant-based chicken to the market. Such partnerships between established
food companies and emerging food tech startups invigorate the local alternative
protein ecosystem and provide greater variety and offerings for consumers. We
hope to encourage more of such collaborations going forward.”

Shandi’s patent-pending production process involves isolating
specific amino acids from plants to emulate the amino acid profile found in
chicken. This results in an end-product that is like chicken not only in its
nutritional composition, but also in the way the animal-meat releases certain
molecules (called pre-cursors) during the cooking process. This is a paramount
and often overlooked element in designing a meat alternative as many
manufacturers add artificial flavours that die or do not react during the
cooking process. By re-creating the taste using natural amino acids instead of
chemical additives, flavourings, and seasonings, Shandi is able to offer a
product that is tasty, nutritious, and versatile at a highly competitive price.

“We have seen 100’s of plant-based protein companies but this
is the first true meat alternative we have seen that overcomes the barriers
inhibiting current products in the market. Shandi’s product is low cost,
nutritional and can be cooked just like real meat in any application.”
says Graham Bougen, Program Director, SparkLabs Cultiv8.

Shandi aims to launch its range of products to foodservice and food
manufacturers in Q1 2022, with a B2C retail product to follow.