BREAKING: Plant-based ‘whole egg’ startup Float Foods scores seed funding from VCs, corporates

June 7, 2021

AFN FoodTech

Singapore’s Float Foods, which has developed a plant-based analog of whole chicken eggs, has raised S$2.2 million ($1.66 million) in seed funding.

Local VC firms DSG Consumer Partners and Insignia Ventures Partners co-led the round, with Apricot CapitalBaksh Capital, and Teja Ventures — which claims to be the first VC specifically supporting female entrepreneurs in emerging Asian economies — also investing.

Several agrifood corporates chipped in to the round, too. Agrocorp Ventures, the VC arm of Singapore-based agribusiness and commodities handler Agrocorp, participated alongside food importer Water Tiger Investments and food and beverage group Ebb & Flow.

Singapore government-backed foodtech incubator Innovate360 also invested in Float Foods, which operates out of its workspace.

Founded by serial entrepreneur and former sales and marketing exec Vinita Choolani one year ago, Float Foods has been focused on building its first product: a plant-based ‘whole egg’ replacement which, the startup claims, contains “as many proteins and vitamins” as a chicken egg.

Named OnlyEg, the legumes-based product comes in two parts, including separate substitutes for both the white and the yolk of the egg.

This allows OnlyEg to be prepared in largely the same way as their bird-birthed counterparts. It can be used to make dishes like soft-boiled eggs or sunny-side-ups, where the distinction between white and yolk needs to be maintained throughout the cooking process.

OnlyEg’s key competitors in Singapore at this point are liquid blends that can only be used to prepare plant-based versions of dishes where whites and yolks are mixed together – like omelettes, scrambled eggs, or cakes and other baked goods. One of these rivals is Just Egg, produced by US-based Eat Just – which made history in Singapore last year by securing the world’s first regulatory approval for a ‘lab-grown’ meat product, and is also constructing a $100 million plant-based protein factory in the city.

“The capital and insights from our unique mix of strategic partners allows us to start planning our roadmap for regional expansion after Singapore, and start making inroads to key markets such as China, India, and Indonesia,” CEO Choolani said in a statement.

“Ultimately we want to be able to champion a plant-based food ecosystem that can be adapted to support food security both in Singapore and across the region.”

Float Foods is still tinkering with OnlyEg in the lab in order to enhance its nutritional benefits and extend its shelf life. The product is expected to be available to consumers in Singapore sometime next year. In the meantime, the startup is also working on ancillary products including plant-based ‘egg’ patties and shreds, that will begin selling B2B later this year.

In March, Float Foods secured an undisclosed amount of grant funding from the Temasek Foundation, a nonprofit affiliate of Singaporean sovereign wealth investor Temasek.