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Green Monday Holdings, the business arm of Hong Kong’s vegetarian advocacy group, raises $70 million from TPG, Swire Pacific – TechCrunch

Green Monday Holdings, a producer of plant-based pork substitute merchandise and frozen meals and an operator of a sequence of vegetarian-focused stores and cafes, mentioned it has raised $70 million in financing from traders together with TPG’s The Rise Fund and the large conglomerate Swire Pacific.

It’s one of many largest investments in a plant-based meat substitute firm headquartered in Asia and comes as investments into firms creating options to animal proteins proceed to surge.

It’s additionally an enormous infusion of money for the enterprise arm of what could also be Hong Kong’s largest vegetarian advocacy group.

Born out of a social motion that began on Earth Day in Hong Kong on 2012 (and was impressed by the Meatless Monday marketing campaign within the US), the Inexperienced Monday group advocates for customers to dedicate at the least sooner or later per week to going meatless. 

Its founder, David Yeung is a longtime buddhist and (principally) vegetarian who based the group with Francis Ngai, the top of Social Ventures Hong Kong, after a lunchtime conversation over how to promote sustainable living in one of the world’s most populous cities.

Different traders within the spherical embrace, CPT Capital, Jefferies Group and Sino Group’s Ng Household Belief together with earlier company and movie star traders like Lee Kum Kee Well being Merchandise Happiness Capital, the singer Wang Leehom, James Cameron, and environmental activist Mary McCartney.

Inexperienced Monday Holdings, a part of the Inexperienced Monday Group, operates two completely different traces of enterprise beneath the OmniFoods and Inexperienced Frequent manufacturers. OmniFoods makes pork options and ready frozen meals, whereas Inexperienced Frequent is a retailer and restaurant for plant-based merchandise.

The corporate mentioned it can use the cash to broaden into 10 new markets throughout Asia, Africa, Europe, the Center East and North America, add 20,000 new stores for its merchandise and launch new flagship shops for its Inexperienced Frequent retail places in China and Singapore.

With the brand new financing, the corporate has added a key strategic accomplice in Swire Pacific.

“Our airline Cathay Pacific has been serving OmniPork onboard and we stay up for working collectively additional to develop new menus to swimsuit the style of our passengers – lots of whom have a deep curiosity in well being, wellness and environmental sustainability,” mentioned David Cogman, Growth Director, Swire Pacific, in a press release. “We’re additionally in dialogue about working collectively on the retail entrance: we now have a community of malls, resorts and meals and beverage companies in Hong Kong and on the Chinese language mainland, in addition to related provide chain operations throughout the nation. We’re very enthusiastic about our partnership with David and Inexperienced Monday to develop new collaborations throughout our group firms, to make our shared imaginative and prescient a actuality.”

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Jonathan Shieber

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