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Hey Maet

Hey Maet is a plant-based food company in China.
2020
Nov-50
11-50
Shanghai, Shanghai, China

Innovation

Industry Problem

China’s food market needs locally formulated plant-based meats that match regional dishes, price expectations, and restaurant cooking requirements.

R&D Focus

Pea, soy, and rice protein; plant-based pork, beef, and chicken; Chinese dishes; flavour and texture; and local manufacturing.

Innovative Solution

Hey Maet formulates plant-based meats from pea, soy, and rice proteins for products such as burgers, nuggets, dumplings, and restaurant dishes.

Solution Effectiveness

The company reported approximately 45% less fat and 40% fewer calories for its products than comparable meat, according to 2020 coverage citing its website.

Investment Funding

Last Funding Stage

Series A

Total Funding Amount

2.95M

Last Funding Amount

1.5M

Last Funding Date

30-12-2020

Startup Stage

Early Stage

Lead Investors

Tiantu Capital, UpHonest Capital, Welight Capital, Junsan Capital, YanTai Shuangta Food

Revenue

$1M to $10M

People

Founders

About

Hey Maet uses pea, soy and rice protein to make beef and pork products. They have announced the significant investment as well as a partnership with Shuangta Food, a pea protein company that supplies Beyond Meat. Moreover, it has received investment from Shenzhen Tiantu Capital and UpHonest Capital, Welight Capital, Junsheng Capital, and a VC founded by Silicon Valley angel investor Wei Guo. With the new capital and collaboration, Hey Maet says that it plans to ramp up R&D, establish its own laboratory in Shanghai and launch its products in thousands of restaurants across China by the end of 2021.

Products

Product

Plant-based pork, beef, and chicken products for restaurant and consumer applications.

Star Product

Plant-based meat platform for Chinese dishes, because localisation to Chinese cuisine is the company’s core differentiation.

Demo Product or Complete Product?

Commercial foodservice products were supplied to restaurants in major Chinese cities by 2020–2021.

Future Plan

Market Expansion

Historical plans included thousands of Chinese restaurants and a proposed factory with estimated annual capacity of 60,000 tonnes; current execution requires confirmation.

Investment Funding

Completed multiple early financing rounds in 2020, including a pre-Series A round of tens of millions of yuan.

M&A and Collabs

Collab

Shuangta Food, investor and pea-protein/manufacturing partner.

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