Shanghai, China, September 29, 2021 (Newswire.com) - Dao Foods International announced today that Rich Products Ventures has joined as an investor in Dao Foods Venture Fund 1, supporting its Incubator with a mandate to invest in up to 30 alternative protein startups focused on the China market.
Rich Products Ventures (RPV) is the corporate venture capital arm of Rich Products, a global food company with annual sales of over $4B and 76+ years of operating experience, including close to 30 years in China. RPV invests in venture and growth-stage companies that are shaping the future of food through technology and innovation. Global investments in the alternative protein space include Future Meat, Clara Foods, MycoTechnology and BlueNalu.
"We are extremely excited to have Rich Products join Dao Foods as a strategic investor and believe their deep experience and networks in food service, grocery, bakery and retail in both China and beyond will provide a great deal of insight and competitive advantage for our portfolio of startups going forward," said Tao Zhang, co-founder of Dao Foods International.
Dao Foods Venture Fund 1 was established to support and invest in 30 China-focused alternative protein ventures. Dao Foods so far has invested in more than 10 alternative protein ventures hailing from Shanghai, Beijing, Shenzhen, Shandong, and Hong Kong. It has also invested in a U.S.-based cell-based lobster meat venture, Cultured Decadence, its first cross-border venture.
"China is one of the most important growth markets for Rich Products and we believe that alternative protein innovation will be a key component of that growth over the coming years. The sustainability benefits that novel alternative protein products offer is consistent with our company values and is in fact part of our company history," said Dinsh Guzdar, Director, Rich Products Ventures. "We have been impressed with Dao Foods' ability to source and engage passionate and talented Chinese entrepreneurs and are excited to work with them to build the market for alternative proteins in China."
Other Dao Foods investors including Matrix Partners China, New Crop Capital, IronGrey, and Rock Investments.
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About Dao Foods: Dao Foods International, Inc. is an impact investment firm that is helping entrepreneurs develop alternative protein products in China. We believe that supporting entrepreneurs targeting the 400 million millennials in China with new, exciting, and delicious alternative protein products is a huge business opportunity with massive social and environmental impact. firstname.lastname@example.org or China@daofoods.cn.
About Rich Products Ventures: Rich Products Ventures is the corporate venture arm of Rich Products Corporation, one of the 50 largest food and beverage companies and leading frozen food manufacturers in the United States. As a private, family-owned company that pioneered the non-dairy industry, it understands the long-term perspective that innovation in the food industry requires. RPV manages a $100m fund that invests in and supports companies across the FoodTech ecosystem.
Source: Dao Foods International