HONG KONG - Start-ups specialising in alternative protein, from eggless eggs to pea-stuffed burgers and cell-grown fish products, are piling into the Chinese territory of Hong Kong to tap the mainland's booming multi-billion dollar food market.
San Francisco-based JUST, valued at $1 billion and which counts venture capitalist Peter Thiel as one of its backers, is planning to launch its mung bean faux egg product in six Chinese cities starting next month.JUST has inked deals with Alibaba's Tmall and JD.com to distribute its egg product starting in Shanghai, Beijing, Tianjin, Guangzhou, Chengdu and Shenzhen, before expanding to other cities.
"Chinese consumers seem to be more open to novel foods than those in nearly any other country," he said. The group has received around $450 million in funding since 2011 with investments from Lee Ka-shing's Horizons Ventures and Google Ventures.
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