The funding round is led by local food and beverage heritage brand Killiney Group, followed by Singapore’s first government-backed food incubator Innovate360, TRIVE Ventures, and other angel investors.
The funds will be used to accelerate Hoow Foods operations and R&D capabilities in the region, as well as expanding the team.
Hoow Foods’ proprietary reformulation technology has successfully produced numerous novel food products since its incorporation in 2018.
The company is planning to make what was seen as indulgent foods like ice cream, coffee, snacks and other staple foods, a part of a healthy diet.
“A healthier lifestyle hits at the source of the problem, and a large part of it is diet. But food is emotional, and most would rather sacrifice health than their favourite food,” said CEO and co-founder, Ow Yau Png.
He’s confident in producing “game-changing food products” that do not compromise on taste and texture while making them healthier.
“With our experienced backgrounds in pharmaceutics and engineering, we hope to lead the new age of food technology, changing the way people consume food, and the food they consume,” he added.
Director of the Killiney Group, Woon Tien Yuan, said, “2019 marks Killiney’s 100th year anniversary. As we celebrate this joyous occasion, we are also motivated to build on the brand’s history and heritage.”
“Our investment in Hoow Foods is a big step forward for the Killiney brand.”
“This strategic partnership allows Killiney to tap on Hoow Foods’ expertise in food technology and food formulation, which signifies Killiney’s strong belief in research and development,” he added.
Their partnership with Hoow Foods is a testament to Killiney’s “emphasis in producing quality” and good-tasting healthy food and beverages under “a truly homegrown Singapore brand”.
John Cheng, Director of local foodtech incubator Innovate 360 and Director of leading sugar manufacturer & supplier, Cheng Yew Heng, believes that the investment in Hoow Foods is a “strategic and necessary one that could revolutionise the food industry as well as its own business”.
More consumers are becoming health-conscious, he noted, so the “speed in which [they] enter the market is crucial in brand-building and market share”.
“Innovate 360 and Hoow Foods’ collaboration would help us and the industry develop quick, ready and healthier solutions without compromising on taste.”
Featured Image Credit: Hoow Foods Pte. Ltd. LinkedIn