Korean company Simple Planet raises KRW 8 billion in funding

Simple Planet raises KRW 8 billion investment to develop technology

Korean company Simple Planet has raised KRW 8 billion in a round of funding. Investors included local funds and venture capital firms such as POSCO Technology, Hyundai Technology Investment, Easy Holdings and others. The company has received 10 billion won in investment since its launch.

Simple Planet is a food technology startup that cultivates food ingredients from cells. The new investment will strengthen the company’s research into artificial ingredients. Simple Planet has developed proprietary technology to produce products from cells. These products are identical to natural products in terms of taste and properties. The company is already building its own facility to make protein powder. This material has a high protein content, enabling its use as a food ingredient. At the same time, it is grown from cell cultures. 

The company is working to optimise its processes to reduce costs. Simple Planet has also applied for permission to sell its products in other countries.

It is using its own platform to produce protein powder. It is developing “floating” cell lines. In total, the company is introducing 13 such variants. The startup derives cells from a variety of organisms, including mammals:

• cattle;
• fish;
• poultry;
• pigs.

Specialists get a food ingredient that is as good as the natural one. Production is environmentally friendly and, unlike livestock farming, does not harm the environment.

Overview of the startup’s activities

Simple Planet is a promising project in the food technology market. It has won several sustainability awards in 2023. The startup’s potential has also been recognised not only in Korea but also in the UK and Singapore.

The company aims to develop the idea and also to monetise it. In September last year, it launched the Balboa Kitchen brand. Its goal is to supply cage-grown ready meals to the B2C sector. In this way, the company aims to actively promote the consumption of alternative products as a substitute for traditional meat.

Simple Planet has been in business since 2021. In addition to protein powders, it produces unsaturated fats in paste form. The company’s products contain protein. The body digests this protein better than natural protein. The powder can form the basis of meals or complement meat dishes. In addition, Simple Planet’s products have approval for use in the nutrition of the elderly and children.

It is worth noting that a growing number of people in Korea refuse to eat natural meat. A good option for them is artificial protein, which tastes identical to animal protein. However, most of these products are not available to the masses. Simple Planet is working to reduce production costs by eliminating fetal bovine whey.