Asia’s plant-based food leader Green Monday Holdings raises US$70 million from global investors to accelerate growth
New investors, TPG’s The Rise Fund and Swire Pacific, lead US$70 million fundraising round to take Green Monday Holdings’ sustainable plant-based food business to global markets.
Green Monday Holdings (“the Company”), Asia’s plant-based food leader, today announced that it has raised US$70 million in financing led by TPG’s The Rise Fund and Swire Pacific Limited.
The round, which is the largest of its kind to date in Asia, received strong support from new investors across multiple geographies, including institutional investors CPT Capital, Jefferies Group and Sino Group’s Ng Family Trust. Internationally renowned artist Wang Leehom and Room to Read Founder and impact investor John Wood also joined as new investors. They join existing investors including Lee Kum Kee Health Products Group’s Happiness Capital and individual investors such as James Cameron, Mary McCartney and Susan Rockefeller. The overwhelming interest from investors globally reflects a rising awareness for plant-based diets as the solution to pressing global issues and a growing demand to tap into the market potential brought by the confluence of global consumer trends towards sustainability and conscious consumption.
David Yeung, Co-Founder and CEO, Green Monday Group, said, “We are delighted to be partnering with global leading institutions and investors who share our vision and are aligned in solving some of the planet’s most imminent challenges like climate change, public health and food crises not only here in Asia but also worldwide. Now with TPG’s The Rise Fund, Swire Pacific and our other mission-aligned partners, we are another step closer to achieving our common goals.”
Green Monday Holdings, part of the Green Monday Group, operates OmniFoods and Green Common to enable a revolutionary food paradigm. OmniFoods is a food tech company that produces innovative alternative protein products including OmniPork, OmniPork Luncheon, OmniPork Strip and OmniEat. Green Common provides a total plant-based food retail, distribution and dining operation. The Company seeks to create a one-stop future food hub, from research & development to retail and distribution, in order to promote plant-based eating and environmental protection. Green Monday Group is honoured to be named to Fortune's 2020 "Change the World" list.
“Green Monday is one of the first movers in Asia within the rapidly growing global plant-based protein market,” said Chang Sun, Managing Partner of TPG China where he oversees TPG's investment activities in the region, including The Rise Fund’s. “In addition to developing a diverse portfolio of versatile meat alternatives, Green Monday has become Asia’s biggest wholesale plant-based product distributor to retail and foodservice partners. We look forward to working with David and his team to further develop Green Monday’s product offering, expand their reach, and deepen the consumer’s strong connectivity to Green Monday’s mission towards a more sustainable future.”
“The production of plant-based protein is more sustainable, less resource intensive, and better for the environment than farming livestock for meat-based proteins,” said Maya Chorengel, Co-Managing Partner of The Rise Fund. “We are excited to help Green Monday scale its impact by introducing consumers across Asia to a growing selection of high quality, great-tasting protein alternatives. Green Monday has created an indelible lifestyle brand in Asia and its commitment to tackling climate change makes it a natural partner for The Rise Fund.”
David Cogman, Development Director, Swire Pacific Limited, said, “What excites us about Green Monday is that it’s a company with a vision and mission that we share. Our airline Cathay Pacific has been serving OmniPork onboard and we look forward to working together further to develop new menus to suit the taste of our passengers - many of whom have a deep interest in health, wellness and environmental sustainability. We are also in discussion about working together on the retail front: we have a network of malls, hotels and food and beverage businesses in Hong Kong and on the Chinese mainland, as well as associated supply chain operations across the country. We are very excited about our partnership with David and Green Monday to develop new collaborations across our group companies, to make our shared vision a reality.”
Wang Leehom, an internationally renowned artist, said, “Finally, thanks to David and his team at Green Monday, delicious Chinese cuisine that is loved worldwide can now be enjoyed using OmniPork, a completely plant-based pork that is good for our health, good for the planet, and yummy in the tummy!"
Green Monday Holdings will use the capital to enhance its R&D efforts for more innovative plant-based food products, boost production, distribution and supply chain capabilities, scale up the retail network, and strengthen partnerships with F&B brands. In the next six months, the Company aims to:
- Expand its global presence from the current 10 markets to over 20 markets across Asia, EMEA and North America to capture market growth potential.
- Increase point of sale operations from its current about 20,000 to over 40,000 worldwide.
- Launch Green Common flagship stores in strategic locations across China and Singapore.
- Become a turnkey partner to facilitate and accelerate the penetration of plant-based options into Asia and beyond.
“We believe business can change society for the better. We aspire to be a global catalyst in ESG and social impact that excels not just in the food arena but also in the business world,” David Yeung asserted.
About Green Monday Holdings
Green Monday Holdings produces and distributes plant-based food products in Asia and beyond. Green Monday Holdings is the operational arm of Green Monday Group, comprising OmniFoods and Green Common: OmniFoods is a food tech company with a Canadian-based R&D team creating its own range of alternative protein food products including OmniPork, OmniPork Luncheon, OmniPork Strip and OmniEat; Green Common is a one-stop plant-based platform combining retail, distribution and dining service in over 10 markets, empowering communities in Asia and beyond with sustainable, innovative and wholesome food choices.
About Green Monday Group
The Green Monday Group was founded in 2012 in Hong Kong SAR with the vision to “Make Change Happen, Make Green Common”. It is the pioneer in Asia to launch a large scale plant-based movement by advocating flexitarian lifestyle. In addition to the operational arm Green Monday Holdings, the Group comprises Green Monday Ventures, the impact investment arm dedicated to supporting and accelerating growth of mission-aligned entrepreneurs and start-ups globally and Green Monday Foundation, the non-profit arm advocating sustainable plant-based living through community initiatives. The Green Monday Group is named to Fortune's 2020 "Change the World" list.
David Yeung is the founder and CEO of Green Monday Group. He is also an environmental advocate known for his commitment in tackling some of the world's most pressing issues of climate change, food insecurity and public health as well as empowering individuals, communities, and corporations towards sustainable, healthy, and mindful living. David’s work has earned a number of awards including "Social Entrepreneur of the Year" by the Schwab Foundation and the World Economic Forum, an “Ashoka Fellowship” by the Ashoka Foundation and the “Cathay ChangeMaker 2020” by Cathay Pacific Airways. Executive Director Jenny Ng leads Green Monday’s operations alongside David with a strong commitment to creating a more sustainable world.
For more information, please visit: www.greenmonday.org
About The Rise Fund
The Rise Fund is the world’s largest global impact platform committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns. With more than $5 billion in assets under management across its platform, The Rise Fund works with growth-stage, high potential, mission-driven companies that have the power to change the world. Headquartered in San Francisco, The Rise Fund was founded in 2016 to deliver deep expertise in business solutions to help achieve the United Nations’ Sustainable Development Goals. As part of TPG, The Rise Fund offers investment resources, business-building skills, rigorous measurement and a global network to help portfolio companies accelerate growth and impact. With the ability to invest across a wide variety of sectors and countries at scale, The Rise Fund focuses on opportunities in education, energy, food and agriculture, financial technology, healthcare and technology. For more information, visit www.therisefund.com or @therisefund on Instagram.
About Swire Pacific Limited
Swire Pacific Limited (HKSE: 00019/00087) is a publicly quoted company in Hong Kong, with diversified interests in five operating divisions: Property, Aviation, Beverages, Marine Services and Trading & Industrial. The company's operations are predominantly based in the Greater China region, where Swire has been established for over 150 years. It is also the major shareholder in two Hong Kong listed companies: Swire Properties and Cathay Pacific Airways.
Visit Swire Pacific’s website at www.swirepacific.com