SOPOONG VENTURES Invests in Alternative Coffee Manufacturer ‘Prefer’
Korean VC SOPOONG VENTURES has completed a seed round investment in Prefer, a Singapore-based foodtech company that manufactures alternative coffee. This round saw participation from SOPOONG VENTURES, 500 Global, Forge Ventures, and SEEDS Capital, with a total investment size of $2 million.
Prefer is a Singapore-based foodtech startup that creates coffee without using coffee beans. Founded in 2022 by Jake Berber (CEO) and Tan Ding Jie (CTO), Prefer produces alternative coffee that offers a taste, aroma, and extraction experience similar to traditional coffee by upcycling bread, soy pulp, and grains using innovative fermentation technology. Prefer began selling its products at the end of last year and now supplies alternative coffee to more than 12 coffee franchises.
Global demand for coffee continues to rise, but coffee farmlands are being eroded due to climate change, and the unpredictability of climate change poses a risk of reduced coffee harvests. Furthermore, it is predicted that by 2050, 50% of coffee farmlands will no longer be usable, posing a problem for the stable supply of coffee beans. Prefer aims to provide sustainable coffee despite these climate challenges. Additionally, Prefer produces approximately ten times less carbon dioxide than traditional coffee production methods, thus playing a role in reducing carbon footprints.
SOPOONG VENTURES is actively investing in global climate tech companies to address climate change. Climate tech companies like Prefer have an advantage in capturing new markets created by climate change. With this investment, Prefer plans to expand its production facilities and aggressively expand its business to various countries in Asia, starting with Singapore and including the Philippines.
Jo Yoon Min, partner at SOPOONG VENTURES, stated, “Climate change is creating significant changes in the F&B market, necessitating innovations that can sustain the food industry. SOPOONG VENTURES plans to further increase global investments in technology-based companies worldwide that address climate change, like Prefer.”
Ding Jie Tan, co-founder and CTO of Prefer, said, “Fermentation has a history as long as human civilization and has been used throughout history to create flavors in food, preserve ingredients, and enhance nutritional value. Prefer is diligently working to create sustainable flavors while protecting the environment by utilizing innovative science and technology.”
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[…] SOPOONG VENTURES Invests in Alternative Coffee Manufacturer ‘Prefer’Korean VC SOPOONG VENTURES leads a $2 million seed investment in Prefer, a Singapore-based startup innovating in alternative and sustainable, bean-less coffee production. […]