Shinsegae Food's 'Better Foods' Secures Investment in the US

Alternative Food Technology Recognized

Shinsegae Food announced on the 11th that its global alternative food subsidiary, Better Foods, has successfully secured investment from the U.S. venture capital firm Cleveland Avenue.

Song Hyun-seok, CEO of Shinsegae Food (left), is taking a commemorative photo after signing an investment agreement with Don Thompson, founder and CEO of Cleveland Avenue.
[Photo by Shinsegae Food]

Shinsegae Food established Better Foods in the United States in 2022 to strengthen the global competitiveness of alternative foods, which it is nurturing as a future growth engine. The company explained that this investment was decided based on high evaluations of Better Foods' research and development (R&D) capabilities and future growth potential in alternative foods developed with proprietary technology, including alternative meat, alternative milk, and alternative cheese. The specific investment amount will not be disclosed according to the terms of the contract between the two companies. Cleveland Avenue plans to support not only financial investment but also Better Foods' entry into the U.S. and other global markets.

In 2021, Shinsegae Food launched its self-developed alternative meat brand, Better Meat. Last year, it also launched the plant-based alternative food brand You Are What You Eat. These products are sold domestically through bakeries at Emart and Starbucks. Additionally, alternative meat-based menu items are continuously introduced to contract catering clients and the burger franchise No Brand Burger.

A Shinsegae Food representative stated, "This investment is significant as it recognizes Better Foods' growth potential in the largest alternative food market, the United States," adding, "We will continue to grow as a leading alternative food specialist company in the global market through various R&D efforts, including alternative meat."

This content was produced with the assistance of AI translation services.