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Sixth Sense Ventures backs plant-based meat startup GoodDotJuly 29, 2021
Sixth Sense Ventures backs plant-based meat startup GoodDot
Consumer-focused venture capital firm Sixth Sense Ventures has invested in plant-based meat company GoodDot Foods Pvt Ltd.
GoodDot will use the fresh capital for research and development and marketing to support its international growth and strengthen its position in the industry, according to a statement.
Udaipur based GoodDot was founded in 2016 by chief executive Abhishek Sinha and finance chief Deepak Parihar. The startup’s technology replicates the taste, texture and flavour of chicken, mutton and beef using plant-based ingredients.
The company recently launched its products in Canada, Dubai, Nepal, South Africa and Singapore. It plans to expand in the US and Europe in the coming months. The company also plans to expand its chain of retail quick service restaurant outlets in Mumbai, Delhi, Udaipur and Kathmandu.
The firm sells through direct-to-consumer channels, e-commerce platforms as well as over 7,500 offline stores.
The statement noted that, according to research firm Euromonitor, meat substitutes is a $20 billion market globally expected to touch $23 billion by 2024.
Nikhil Vora, founder and CEO of Sixth Sense, said consumption preferences will evolve increasingly fast towards meat alternatives on the back of health, ecological and compassion related reasons.