Jakarta, April 19, 2022 – Indonesia-based food tech startup OFF FOODS today announced its $1.7 million seed funding round led by Alpha JWC Ventures and attended by Global Founders Capital (GFC) and other investors strategic assets, including Creative Gorilla Capital, Lemonilo and United Family Capital (UFC).
Founded in 2021 by serial entrepreneur Dominik Laurus and experienced plant-based businessman Jhameson Ko, OFF FOODS aims to be the leading alternative protein (“Alt-Protein”) brand in Indonesia and beyond. , and, in the words of the founders, “to give more people the opportunity to go animal-free for sustainability without compromising taste”. The company launched its flagship product OFF MEAT, a chicken-like protein, in August last year and since then adoption of the product has increased 10x through business-to-business (B2B) partnerships with restaurants.
OFF FOODS products are currently available in seven cities (Greater Jakarta, Bandung, Surabaya, Medan, Yogyakarta, Makassar and Bali) through its restaurant partners, including F&B franchise chains Gaaram and Wanfan, the Italian restaurant Jakarta fan-favorite Mamma Rosy and healthy restaurant and catering FITCO Eats, in addition to several upcoming launches including rice bowl chain Mangkokku which has over 40 outlets, the Japanese restaurant chain Zenbu and the Byurger burger chain. The company also recently opened a new branch in Bali, one of the largest plant-based food markets in Indonesia. OFF FOODS will see more adoption and partnership in the near future as OFF MEAT has wide applicability in cooking, from fried “chicken” nuggets to traditional “chicken” sambalmatah, providing the large HORECA market in emerging markets with a more localized taste and texture compared to alternative products available on the market today.
“OFF MEAT is becoming the solution for the catering sector by supplying plant-based meat fillets to the HORECA market. Our product is both affordable and customizable for chefs to create meatless dishes on their menu with their own special recipe and technique. Customers will be able to enjoy a familiar taste of the restaurant in the form of a meatless dish and be part of future sustainability,” said OFF FOODS co-founder and CPO Jhameson Ko.
OFF FOODS’ rapid expansion comes at a time when the plant sector as a whole is expected to reach a staggering $480 billion globally by 2024, according to a recent report by BIS Research. The plant-based protein industry is also expected to continue growing in Indonesia with a CAGR of 27.5% from 2021 to 2027, representing an approximate six-fold increase by 2027 (data taken from Research and Markets).
Historically, herbal adoption has been hampered by the high price it is often associated with. The challenge of competing in the space is not just getting the right taste and texture, but also includes honing craftsmanship and manufacturing efficiency to approach price parity. OFF MEAT tries to solve this long-standing problem, as it offers an affordable alternative, providing plant-based protein substitutes with at least half the price of its competitors.
“Alternative proteins have been slow to flourish in developed markets due to the high cost they entail. However, consumers have realized the value of the health and environmental benefits that alternative food products bring. Now a revolution is about to sweep through developing markets like Indonesia and it’s an opportune time for OFF FOODS. With their great-tasting products, strong go-to-market strategy, and best-in-class cost structure suited to developing markets, we believe they are in a strong position to bring the alternative protein movement into Indonesian households,” declared Eko Kurniadi, Partner at Alpha JWC Ventures.
With this new seed capital, OFF FOODS plans to invest in its research and development to offer new variations of OFF MEAT, starting with other chicken-like options such as nuggets. The company will also continue to expand to other cities in Indonesia while launching a direct-to-customer game plan to reach more users.
“We do more than sell food. We are paving the way for a lifestyle change in Indonesia that will hopefully result in a healthier society and a more sustainable land. OFF MEAT and Indonesia are just our starting points. We are delighted to receive such enthusiasm from our new and existing investors, including established experts in the F&B industry, and we are excited to move forward with our product innovation, national expansion soon and possibly regional expansion in 2024,” says Dominik Laurus, co-founder and CEO of OFF FOODS.
OFF FOODS® is an Indonesia-based animal-free alternative protein manufacturer. Its flagship product, OFF MEAT™️, has been the meatless solution for hundreds of restaurants in major cities across the country. Founded in August 2021, OFF FOODS® is driven by its mission to promote sustainable and high-performance food to the general public through its delicious and versatile products as well as its price leadership. For more information about OFF FOODS®, please visit offmeat.io.
Alpha JWC Ventures is an early stage venture capital firm in Southeast Asia. Its first fund was launched in 2016 as the first independent and institutional start-up venture capital fund in Indonesia. Over the years, Alpha JWC has built a strong reputation and clear market positioning as a leading venture capital firm with one of the largest on-the-ground teams in the region and a global network. The firm currently manages around $650 million in assets under management – the largest start-up fund in Southeast Asia – and more than 60 active portfolio companies in Southeast Asia. For more information, visit www.alphajwc.com.