Green Monday Holdings, a producer of plant-based pork substitute merchandise and frozen meals and an operator of a series of vegetarian-focused shops and cafes, mentioned it has raised $70 million in financing from buyers together with TPG’s The Rise Fund and the large conglomerate Swire Pacific.
It’s one of many largest investments in a plant-based meat substitute firm headquartered in Asia and comes as investments into corporations growing alternate options to animal proteins proceed to surge.
It’s additionally an enormous infusion of money for the enterprise arm of what could also be Hong Kong’s largest vegetarian advocacy group.
Born out of a social motion that began on Earth Day in Hong Kong on 2012 (and was impressed by the Meatless Monday marketing campaign within the US), the Green Monday group advocates for customers to dedicate no less than someday every week to going meatless.
Its founder, David Yeung is a longtime buddhist and (principally) vegetarian who based the group with Francis Ngai, the pinnacle of Social Ventures Hong Kong, after a lunchtime dialog over how one can promote sustainable dwelling in one of many world’s most populous cities.
Other buyers within the spherical embrace, CPT Capital, Jefferies Group and Sino Group’s Ng Family Trust together with earlier company and celeb buyers like Lee Kum Kee Health Products Happiness Capital, the singer Wang Leehom, James Cameron, and environmental activist Mary McCartney.
Green Monday Holdings, a part of the Green Monday Group, operates two completely different strains of enterprise underneath the OmniFoods and Green Common manufacturers. OmniFoods makes pork alternate options and ready frozen meals, whereas Green Common is a retailer and restaurant for plant-based merchandise.
The firm mentioned it’s going to use the cash to develop into 10 new markets throughout Asia, Africa, Europe, the Middle East and North America, add 20,000 new shops for its merchandise and launch new flagship shops for its Green Common retail areas in China and Singapore.
With the brand new financing, the corporate has added a key strategic accomplice in Swire Pacific.
“Our airline Cathay Pacific has been serving OmniPork onboard and we sit up for working collectively additional to develop new menus to go well with the style of our passengers – a lot of whom have a deep curiosity in well being, wellness and environmental sustainability,” mentioned David Cogman, Development Director, Swire Pacific, in an announcement. “We are additionally in dialogue about working collectively on the retail entrance: we have now a community of malls, accommodations and meals and beverage companies in Hong Kong and on the Chinese mainland, in addition to related provide chain operations throughout the nation. We are very enthusiastic about our partnership with David and Green Monday to develop new collaborations throughout our group corporations, to make our shared imaginative and prescient a actuality.”