Funding round co-led by At One Ventures and Chancery Hill Capital, with continued participation from Forge Ventures.
SINGAPORE--BUSINESS WIRE--
Prefer, a Singapore-based food tech startup using fermentation to create affordable and sustainable flavours and ingredients, today announced an oversubscribed US$4.2 million fundraising round alongside the commercial launch of its new products: soluble coffee and cocoa powders. The company also announced its first commercial partnerships for international expansion with Ajinomoto Co., (Thailand) Ltd and The Coffee Ferm in Thailand and Australia, respectively.
Made from food manufacturing byproducts such as rice and soy, Prefer’s flavours are developed using a proprietary fermentation and roasting process. The company supplies its flavours and ingredients to FMCG brands, food manufacturers, private label retailers, and flavour houses, offering affordable ingredients that replicate the taste and functionality of coffee and cocoa at a fraction of the carbon footprint.
According to its life cycle analysis, Prefer’s coffee has up to 85% lower emissions and is 50% more affordable than the current market prices of traditional Arabica.
Prefer invites coffee and cocoa companies to connect and sample the ingredients via their website, offering partners a commercially proven ingredient that drives cost savings, strengthens supply chain resilience, and supports the planet.
“With the support of our new partners, the quality of our new products, and the grit of this team, we’re in a unique position to ensure coffee and cocoa are accessible to the masses while respecting our planet,” says Jake Berber, Co-Founder & CEO.
This funding round brings Prefer’s total equity raised to US$6.2 million. The lead investors are At One Ventures and Chancery Hill Capital, with participation from existing investor, Forge Ventures.
“We’re in the early stages of a food system transformation, one that decouples beloved consumer products from environmentally harmful supply chains,” says Helen Lin, Partner at At One Ventures and board member at Prefer.
The startup recently commercialised its coffee products through foodservice channels, collaborating with Melvados, a Singaporean food business.
The company also announced its first international commercial partnerships. In Thailand, Prefer is working with Ajinomoto Co., (Thailand) Ltd. to develop sustainable new innovations under coffee beverage aligned with the “Eat Well, Live Well” lifestyle. In Australia and New Zealand, the company has partnered with The Coffee Ferm, which will license Prefer’s flavour IP to scale local manufacturing and distribution.
Prefer plans to scale its pilot production facility through toll manufacturers in key markets, deepen R&D on cocoa flavour development, and expand global partnerships with a continued focus in Asia.
About Prefer
Founded in 2022 by Jake Berber and Ding Jie Tan, Prefer is a Singapore-based food tech company using fermentation to create affordable and sustainable flavours and ingredients. Starting with coffee and cocoa, Prefer transforms upcycled ingredients into climate-resilient alternatives for the food industry.
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Contact details:
Press contact:
Prefer
Jake Berber, [email protected]
