Prefer, a Singapore-based coffee startup, announced today (February 22) that it has raised US$2 million in its seed funding round led by investment company Forge Ventures.
Other investment entities participated in the funding round, namely 500 Global, Accelerate Technologies, Better Bite Ventures, Sopoong Ventures, SEEDS Capital and Entrepreneur First, and Phillippine coffee startup Pickup Coffee.
Founded in 2022, Prefer is known for its “bean-free” coffee – a substitute created by fermenting excess bread, soy pulp and spent grain touted to mimic the aroma, taste and brewing experience of traditional coffee.
Traditionally, fermentation is a process used to increase the shelf life of perishable food items, which results in changes in taste and enhanced nutritional content.
Ding Jie Tan, Co-Founder & CTO of Prefer, explains that he has taken a new twist on how fermentation can produce sustainable ingredients.
“Through Prefer, we want to further its conventional use by leveraging cutting-edge science to create a line of sustainable flavours accessible to everyone while conserving the environment,” added Tan.
With the funds raised, Prefer aims to make more investments into growing the capacity of its production facility and bringing its ground coffee and ready-to-drink bottled beverages across Asia-Pacific, starting with Singapore and the Philippines.
Tiang Lim Foo, Co-founder & Partner at Forge Venture, expressed his enthusiasm for their investment in Prefer, referring to the brand as an “innovative force” in foodtech and F&B.
“With a commitment to revolutionising the coffee industry by offering affordable and sustainable bean-free coffee, Prefer embodies the spirit of forward-thinking entrepreneurship we actively seek to support. We are excited that Prefer’s vision will pave the way for a brighter, more sustainable future not only in Singapore, but globally,” added Tiang.
Introducing “bean-free” coffee to the world
Jake Berber, Co-Founder & CEO of Prefer, explained that Prefer was created to provide a sustainable and affordable alternative to harvested coffee, as it is one of the crops that is majorly affected by climate change.
Our mission is to future-proof coffee from the impacts of climate change; we plan to create delicious, affordable, and sustainable coffee, forever.
Today, we start as a climate-friendly option on the menu. But, as climate change erodes coffee farmlands, erratic weather puts crops at risk, and demand continues to rise, coffee bean prices will skyrocket. That’s where Prefer comes in to ensure the production and price of coffee becomes sustainable and stable in the long-run.
We believe Prefer is the next-generation of the commodity we know as coffee today.
Jake Berber, Co-Founder & CEO of Prefer
To date, Prefer manufactures ground coffee compatible with standard espresso machines to businesses looking for a more affordable and sustainable coffee. These businesses include cafes, coffee chains, distributors, and flavour houses.
According to a press release, the caffeine level of Prefer coffee can be easily customised to suit one’s needs, where some businesses plan to offer twice the caffeine content of traditional coffee using the brand’s coffee grounds.
Currently, Prefer Coffee is available at 12 locations islandwide, including local cafes Dough and Foreword Coffee Roasters, as well as select SaladStop! outlets.
While some cafes have started offering Prefer as the default decaffeinated coffee, the brand also produces ready-to-drink bottled coffee for quick-service food businesses, events, and retail shelves.
Looking forward, the brand is also working on securing business partnerships, which will be announced sometime this year.
Feature Image Credit: Prefer
