Toyo Seikan invests in Singapore's cell-based shrimp meat startup
SINGAPORE, NNA - Japanese packaging container maker Toyo Seikan Group Holdings Ltd. has invested in Shiok Meats, a Singapore startup that develops lab-cultured shrimp cells as a substitute for natural or farmed crustacean meat.
Toyo announced Thursday it has joined lead investor Aqua-Spark, a Dutch investment fund, in an initial round of fundraising totaling $12.6 million that Shiok will use to build the first commercial pilot plant for cell-based crustacean production.
The Japanese company did not disclose the amount of investment in Shiok, set up in 2018, but said it will help the Singapore firm in packaging, storage, distribution and other areas of commercial operations.
Shiok is seeking to begin commercial production in 2022 of minced shrimp meat based on its technology for culturing muscle fiber produced from stem cells.
Toyo launched an "open innovation" project in 2019 to contribute to a sustainable future through technological development in partnership with outside entities, investing in Shiok in the first funding under the project. (NNA/Kyodo)