Billionaire Betty Ang’s food conglomerate Monde Nissin Corp. is shifting spending away from Quorn, its flagship alternative meat brand in the US and UK, while investing in a US-based startup that makes fungi-based bacon and other plant-based meat.
In the same filing, Monde said it would invest $2 million to acquire preferred shares that allows it to take a nearly 2 percent stake in US-based food startup Terramino Inc.
Terramino, which is now called Prime Roots, is developing and selling a variety of plant-based meats derived from koji, a type of fungi that is a key ingredient in making fermented products such as soy sauce and miso soup.Monde CEO Henry Soesanto said last November the company was implementing “restructuring and efficiency measures” for alternative meats.
“We realize that market conditions today are very challenging and there is a need to adjust to the current realities despite our view on the longer-term attractiveness of the category,” he had said. Removing the impact of foreign exchange movements, the company’s meat alternative business saw sales increase 1 percent while gross profits fell 17.4 percent to P3.9 billion in the first nine months of 2022.ADVERTISEMENT
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