KUALA LUMPUR: Malaysia plant-based meat company Phuture is expanding its position in the local market through partnerships with leading brands.
Phuture has secured close to RM7 million in funding from investors in Singapore and Hong Kong as proof of concept and achievement of product development.
Phuture said it looked to further fundraise to scale its operations beyond Malaysia.
Given the current surge in demand, Phuture projects to increase its half-year performance by 100 per cent at the end of 2022.
"In the last few months, we have witnessed a surge of buy-ins, winning over the confidence of reputable brands. From KyoChon, one of the largest Korean fried-chicken restaurants, to Grand Hyatt, a leading five-star hotel and most recently Korea's No 1 Convenience store, CU Malaysia, who are partners of the well-known myNEWS.com chain. We are now available widely, and at an affordable price," said Phuture chief executive officer Jack Yap.
Currently, Phuture has its footprint across Singapore, Malaysia, Hong Kong, Macau and Thailand.
This year, the company is also looking to expand to the Philippines and Indonesia as the market potential is significant.
Phuture said Indonesia's plant-based trend maturity was set to grow at a compounded annual growth rate (CAGR) of 33 per cent and the Philippines at a CAGR of eight per cent according to research done by AI Palette, the world's first AI platform for leading product innovation.
Phuture's main product across all markets will be its high fibre chicken, given its an important element in Asia as it is an affordable, accessible and versatile type of protein.
"Plant-based meats were previously not popular here in Malaysia but we are beginning to overcome perceptions with our ability to customise products according to the preference of our B2B clients.
"With our recent sign ups including KyoChon and CU Malaysia, we are strategically enabling Malaysians to experience plant-based meals affordably," Yap said.
As part of its aggressive regional expansion plan, the company recently onboarded Anabelle Co-Martinent as chief marketing officer.
She is synonymous with the growth of La Juiceria Superfoods group, Super Saigon and Hawker Hall restaurants.
"I am excited to come onboard Phuture at such a pivotal moment. Post pandemic, many have realised we cannot solely rely on meat, with Covid-19 highlighting personal health, sustainability and food safety issues.
"My interest in food, technology and my love for marketing come together under this brand, and I hope to continue my quest in making healthy eating sustainable in Malaysia and throughout the region," she said.