Singapore food innovation company Alchemy Foodtech has raised US$3 million in an oversubscribed extended bridge round. The announcement came late last month, after the company secured fresh funding from the likes of Thai President Foods, Pine Venture Partners and Selera Kapital. Existing investors including Thai Union, Fuchsia Venture Capital, Heritas Capital and Seeds Capital also joined the round.

Founded in 2015 by Verleen Goh, the company’s chief food scientist and a 2022 Gen.T honouree, and CEO Alan Phua, Alchemy Foodtech harnesses science and technology to help create healthier ingredients of refined carbohydrates, which include food items like white bread and white rice, thereby reducing the sugar impact of foods.

Read more: Foodtech Startup Glife Technologies Raises US$3m Series A1 Funding

Its star invention is Alchemy Fibre™, a patented, plant-based ingredient that lowers the glycemic index (GI) of refined carbohydrates and increases their fibre content, while maintaining their texture or taste.

To research, develop and prove the efficacy of its ingredients, Alchemy Foodtech partners with the National University of Singapore and leading research institution A*Star.

With the new funds, the company has stated that it will continue its development in markets in Singapore and abroad. It also intends to grow its presence in China and expand into countries such as Thailand, Japan, Indonesia, South Korea and the United States, said Phua.

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