Alt-meat maker Green Monday is raising $100 million
Green Monday, a Hong Kong-based faux meat maker, reportedly is raising $100 million in Series B funding.
Why it matters: Plant-based meat alternatives were a big deal first in the U.S. and are now expanding across Asia, where the diet is different but the opportunity is potentially bigger.
Behind the scenes: David Yeung, who founded the company in 2012, tells Axios that proceeds would be invested in geographical expansion, as the company only launched in the U.S. last fall.
- OmniFoods, described as Asia's answer to Beyond Meat, figures large in the sector's growth, especially as it focuses on fish and pork while its competitors chase beef and poultry.
- R&D also is a priority for Green Monday, with plans to launch prepared food products such as a spring roll using its plant-based pork.
Meanwhile, competitors across the region are raising capital as well. Singapore-based startup Next Gen raised $100 million in Series A funding last month for its U.S. expansion, TechCrunch reported.