Chinese food-tech company Haofood has raised US$3.5 million in a seed funding round for its plant-based chicken made from peanuts. Investors include Rich Products Ventures, Big Idea Ventures, and Henry Soesanto, CEO of Monde Nissin.
The funds raised will be used to diversify its sales strategy, advance its research and development infrastructure facilities, and enable global expansion.
Since the brand launched its peanut-based chicken, it has already partnered with restaurants across Shanghai that use its protein to prepare authentic local dishes. According to the company, the new facility will help improve its product portfolio and offer consumers a wider range of products.
“The creative use of peanuts gives Haofood’s chicken its great taste, but it also has even more benefits to the environment regarding reduced water usage,” shared Soesanton.
“It stood out to me for its clever use of food technology where they have been able to develop a product in such a short space of time in development.”
To create the peanut-based chicken analogue, the company’s R&D team used a proprietary technology called Innotein. The process combines modified texture peanut with other plant-based proteins (not disclosed), resulting in an alt-chicken with a distinct texture and stronger umami taste – without MSG.
However, the product may not fare well with consumers who have nut allergies.
“We are honoured to have received backing from investors who share our passion for creating plant-based chicken alternatives that are sustainable and that people enjoy,” stated Astrid Prajogo, founder & CEO at Haofood.
With more than 50 different brands under its portfolio, Haofood’s range of products is available at more than 200 outlets across China.
