Southeast Asia’s foodtech winners are the least glamorous ones

Southeast Asia's foodtech scene has evolved beyond the grand promises of lab-grown shrimp and instant grocery deliveries. The 2022 correction and failures like eFishery and TaniHub have left the landscape more pragmatic and, arguably, more interesting. While the initial wave of moonshot startups has thinned, a new breed of investors is backing these ventures with a more discerning eye.

Amazon's involvement in quick commerce in Jakarta, Novonesis's focus on precision fermentation from Singapore, and the rise of app-based coffee chains that have attracted tech startup funding showcase the diverse paths these companies are taking. Alternative proteins, agri-food supply chains, online grocery, and restaurant tech are all clusters where promising startups are making their mark.

In the alternative proteins sector, Singapore's regulatory openness has made it a leader. Companies like Umami Bioworks, Allozymes, Prefer, and ProfilePrint are scaling or surviving in this niche. Umami Bioworks, the survivor of a 2024 deal absorbing Shiok Meats, is positioning itself as a supplier of ingredients and tools to big food companies rather than building consumer brands.

Allozymes leverages microfluidics to engineer enzymes faster and cheaper for fermentation processes, while Prefer creates a coffee substitute from food waste. ProfilePrint uses AI to predict commodity quality grades quickly, a service valued by large agri-commodity traders.

Meanwhile, in the agri-food supply chain, the most successful startups remain focused on serving business customers, avoiding the pitfalls that led to EdenFarm's founder Cynthia Wihardja's cautionary tale. EdenFarm, backed by strategic investors like CJ Group, is excelling by staying B2B and cutting out unnecessary middlemen. These companies represent the region's evolving appetite for foodtech, moving beyond grand ambitions to more sustainable, money-wise growth strategies.