10/09/2019 – Singapore based Hoow Foods, specializes in food and beverages reformulation technology, announced on Monday the closing of its S$1.7M (roughly US$1.2M) seed fund. The funding round was led by Killiney Group.
The funding round was also joined by Innovate360, TRIVE Ventures, and other angel investors.
Killiney Group owns the Killiney Kopitiam brand, a local style food establishment chain. While Innovate360 is Southeast Asia’s first food incubator, backed by Singapore’s oldest sugar manufacturer Cheng Yew Heng.
Founded by four NUS (National University of Singapore) alumni in 2018, the startup works to create healthier alternate versions of everyday food and beverages, while maintaining the taste and texture.
Hoow Foods’ flagship brand is Callery’s ice cream. A premium ice cream brand marketed as Singapore’s first low-calorie ice cream, the confectionary contains less than 20% of the usual sugar, calorie and fat content of its counterparts.
Following the injection of fresh funds, Hoow Foods will be pouring in more focus on its R&D and human resources capabilities. An important milestone for the company would be launching an extensive range of food products and improving its synergistic approach in food sciences via staff strength expansions.
“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 favorite food,” said Ow Yau Png, CEO and co-founder of Hoow Foods.
“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.
Woon Tien Yuan, director of the Killiney Group, commented, “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. Further, this partnership marks Killiney’s long-term direction and emphasis in producing quality, delicious and healthier food and beverages offerings under a truly homegrown Singapore brand.”
While John Cheng, director of Innovate360 and Cheng Yew Heng, said: “Consumers are seeking healthier options… Innovate 360 and Hoow Foods’ collaboration would help us and the industry develop quick, ready and healthier solutions without compromising on taste.”
This news is published on Reuters.