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OFF FOODS secures USD1.7 million seed funding from Alpha JWC Ventures

Syifa, industry . 20 Apr 2022

Heaptalk, Jakarta — OFF FOODS, an Indonesian-based food-tech startup, has seized its Seed funding round worth USD1.7 million. The company plans to manage its fresh seed capital to invest in its research and development of new OFF MEAT variations and expand its business network in Indonesia’s cities while also implementing a direct-to-customer method to gain more consumers.

This Indonesia’s food-tech startup has succeeded in securing its seed round, led by Alpha JWC Ventures and participated by Global Founders Capital (GFC). Simultaneously, several strategic investors also followed this round, including United Family Capital (UFC), Creative Gorilla Capital, and Lemonilo.

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“OFF MEAT becomes the foodservice business solution in supplying plant-based meat fillets to the horeca market. Our product is affordable and customizable for chefs serving meatless dishes on their menu with their extraordinary recipes and cooking technique. Consumers will relish a familiar taste from the restaurant in the form of a meatless dish and be a part of future sustainability,” affirmed OFF FOODS’ Co-Founder and Chief Product Officer, Jhameson Ko.

According to BIS Research, OFF FOODS’ rapid expansion appears when the entire plant-based sector is considered to reach USD480 billion by 2024 globally. Also, the Research and Markets revealed that the plant protein industry is supposed to enhance with a Compounded Annual Growth Rate (CAGR) of 27,5% from 2021 to 2027 in Indonesia, indicating an improvement of around sixfold in 2027.

The plant-based adoption has encountered an obstacle of premium price point, which is frequently linked. A competition challenge for getting a proper taste and texture and manufacturing knowledge refinement also becomes concerned about getting near price stability, and tap into these opportunities, OFF MEAT presents as the solution.

A Partner of JWC Ventures, Eko Kurniadi, stated, “Alternative protein needs more time to flourish in developed markets due to the premium costs issue. However, consumers have realized the health value and environmental benefits of alt-food products. A revolution is estimated to sweep developing markets in Indonesia. I think it is suitable for OFF FOODS to introduce great-taste products, a strong go-to-market strategy, and a best-in-class cost structure for developing markets. We believe this startup has a powerful position carrying alt-protein motions in Indonesia’s households,”

OFF FOODS’ products are available in several big cities in Indonesia, falling into Jakarta, Bandung, Surabaya, Medan, Yogyakarta, and Bali. The company distributes its product through restaurant partners, including Gaaram, Wanfan, Mamma Rosy, and FITCO Eats, and also several upcoming launches, namely Mangkokku, Zenbu, and Byurger.

This food-tech startup also established a new branch in Bali that is famous as one of Indonesia’s major plant-based food markets. As part of its broader expansion, OFF FOODS is predicted to meet many adoptions and partnerships because OFF MEAT has a high implementation in the kitchen with various recipes.

Established by Dominik Laurus and Jhameson Ko in 2021, OFF FOODS intends to be the prominent alternative protein brand in Indonesia and beyond. In the founder’s words, “to provide the opportunity for more people to switch meat from the animal for the sustainability without compromising taste,” this company is launched with its flagship OFF MEAT products, a chicken-like protein. The products have grown ten folds through the B2B business model with restaurants partnered.

“We are doing more than just selling food. In Indonesia, we are a lifestyle transformation pioneer to generate a healthier society and more sustainable earth. OFF MEAT and Indonesia are only our starting points. We are pleased to receive enthusiasm from new investors and existing investors, including F&B experts. We are excited to move forward with product innovation, nationwide expansion, and regional expansion in 2024.” said Dominik Laurus, Co-Founder and CEO of OFF FOODS. (SFM)