South Korean foodtech company Simple Planet raises $6M

Simple Planet recently garnered an investment of $6M. The round was included VC firms and companies like POSCO Technology Investment, DCP Private Equity, Easy Holdings, MY Social Company (MYSC), Hyundai Technology Investment, Prologue Ventures, Pathfinder H, Banking Youth Entrepreneurship Foundation (DCamp), and Samho Green Investment.

• Cumulative Investments: With the latest funding round added to earlier investments from companies like Pulmuone, their total capital boosts to an impressive $7.5M.

• Innovation at its Core: The company is set to revolutionize food production with its pioneering cell-cultured food ingredients. They've laid the cornerstone for a high-capacity facility to mass-produce a cell-cultured high-protein powder.

• Strategic Expansion: By optimizing processes and obtaining food ingredient approvals, Simple Planet, co-founded by Dominic Jeong, is set to conquer both domestic and international markets.

• Award-Winning Recognition: Achievements include listing in the UK’s Food Tech 500 and victory in the sustainability category at Singapore's X-Pitch event.

• Direct-to-Consumer Launch: September 2023 saw the birth of 'Balboa Kitchen,' Simple Planet's consumer brand, integrating cell-cultured ingredients into everyday products.

Aside from this funding round, January marked a noteworthy collaboration with Plug and Play and S&S Lab, forging powerful networks within the food tech sphere.