Singaporeans have a growing appetite for plant-based meat substitutes. In fact, demand for products from companies like Beyond Meat, Impossible Foods and Quorn have grown during the pandemic, partly because consumers are making more health-conscious decisions, according to the Straits Time. Now there is a new entrant to the market. Headquartered in Singapore, Karana announced today it has raised $1.7 million in seed funding and plans to launch its first product, a pork substitute made from jackfruit, this year.
Karanaâ€™s seed investors include Henry Soesanto, the CEO of Monde Nissin Group, which acquired Quorn Foods in 2015; agtech investment firms Big Idea Ventures and Germi8; and angel investors Kevin Poon and Gerald Li, both Hong Kong entrepreneurs with experience in the food and beverage industry. Karana said the round also included participation from an undisclosed leading Asia-based FMCG (fast-moving consumer goods) distributor.
Karanaâ€™s jackfruit is sourced from Sri Lanka, where jackfruit is already a common meat substitute. What Karanaâ€™s processing method does is create a texture that replicates minced and shredded pork more closely, making it easier to use in dishes like dumplings, char siu bao or bahn mi.
Founded in 2018 by Dan Riegler and Blair Crichton, Karana turns organic jackfruit into a pork substitute by using a proprietary mechanical technique that the company says does not use any chemical processing. Its pork substitute will be available in restaurants this year, before arriving in retail stores at the beginning of next year.
Riegler and Crichton told TechCrunch in an email that Karana uses jackfruit because it not only has a â€œnaturally meaty texture,â€ but is an environmentally-friendly crop. It is usually grown intercropped (or with other produce, in the same field), has a high yield and low water usage. But about 60% of jackfruit harvested currently goes to waste, they added. â€œThere is a lot of room for further commercialization, which means additional income streams for farmers.â€
Karanaâ€™s founders started with pork because it is the most frequently consumed meat in Asia. Its seed funding will be used on research and development to launch new products and the company currently talking to strategic partners in other Asian markets. Future Karana products will use other crops grown in Asia to create new meat substitutes.
â€œKarana is a whole-plant meat company, our focus is on leveraging what nature has given us and enhancing these amazing biodiverse ingredients to create delicious products. In the future, we will launch products using other regional ingredients that will enable us to expand beyond pork,â€ the founders said. â€œThis is a real differentiator from other companies that are by-and-large relying on commodity crops in processed forms.â€