Daiz, a plant-based meat company headquartered in Japan, has successfully garnered Y7.1 billion ($47.44 million) in its latest funding round.
According to an official statement, the company headquartered in Kumamoto City plans to invest in a significant plant-based meat raw material facility, set to commence operations in February 2025.
The upcoming 40,000-square-meter facility is slated to produce 20,000 tonnes of the company’s plant-based Miracle Meat annually, resulting in the creation of approximately 40 new job opportunities.
Daiz Secures $47M in Funding:
Daiz added that it will “aim to realise further business growth by accelerating growth in the domestic and overseas market”.
With this latest funding round, Daiz has now accumulated over Y13.1 billion in funding, marking it as the largest capital infusion in the history of the Japanese food-tech industry. Daiz previously concluded its Series A funding round in 2020.
Tatsuya Koitabashi, director and CFO of Daiz, said, “While the current funding environment for start-ups is reported to be weak, we received investment from 11 companies, including existing shareholders, for a total of Y3.78bn, an increase in valuation from the previous round.
“In addition to the capital increase, we have also provided debt financing totalling Y3.4bn from nine financial institutions. New industries are born from the margins of regulation, and by using the financing systems of the Ministry of Economy, Trade and Industry and the Ministry of Agriculture, Forestry and Fisheries, we will be able to procure long-term corporate loans at a low cost, which is unusual for start-ups. I think we have succeeded.
Additional Stories: Stellar Snacks Expands with $137M Investment, 350 Jobs in Kentucky
“In order to meet the expectations of everyone who supported us, we will use the funds raised this time to invest in growth, including the construction of a new factory for next-generation plant meat raw material Miracle Meat. We will aim for growth.”
Miracle Meat, crafted from whole soybeans, serves as a versatile ingredient for crafting an array of meat alternatives, such as burgers, chicken, and tuna.