Off Foods, an Indonesian-based food tech startup, said it has raised $1.7 million in seed funding led by Alpha JWC Ventures, an early to growth-stage Southeast Asian venture capital firm.
The company was founded in 2021 by serial entrepreneur Dominik Laurus and plant-based businessman Jhameson Ko. Off Foods launched its flagship product, a chicken-like protein, in August last year.
Off Foods recently opened a new branch in Hindu-majority Bali, which is one of the most important plant-based food markets in Indonesia.
Laurus said the company wanted “to provide the opportunity for more people in switching off meat from animal for sustainability without compromising taste”.
The products are also available in Greater Jakarta, Bandung, Surabaya, Medan, Yogyakarta and Makassar.
Several franchise chains, such as Gaaram and Wanfan, have signed deals with Off Foods, as well as the Jakarta-based Mamma Rosy group.
The company plans to expand to rice bowl chain Mangkokku’s 48 outlets, Japanese restaurant group Zenbu and burger chain Byurger.
“We are doing more than just selling food. We are trailblazing a lifestyle change in Indonesia that hopefully will result in a healthier society and more sustainable earth,” Laurus added.
Alpha JWC has about $650 million in assets under management, which makes it the largest early-stage fund in Southeast Asia. Global Founders Capital, Creative Gorilla Capital, Lemonilo, and United Family Capital also participated in the funding.
- George Russell