Hampton Creek, a startup from Silicon Valley that produces synthetic eggs, has closed a $23-million investment round led by Li Ka-Shing, the richest man in Asia. The US startup plans to use the new funding to tap the Asian market, according to Wired.
The round follows a trend where companies from Silicon Valley are eyeing Asia for funding boost and new markets. A similar trend happened in the past decade, in which Silicon Valley expanded into Europe through European investors, the report noted.
Aside from synthetic eggs, Hampton Creek Chief Executive Officer (CEO) Josh Tetrick also makes a type of mayonnaise that does not need real eggs. The two-year-old firm, which aims to decrease expenses in the egg market, has fared well in the US so far. The startup says it has contracts with six Fortune 500 food firms and retailers. Right now, it employs 50 full-time workers to maintain those six accounts. Four months ago, the company raised $5.5 million in funding. The firm wants to begin its expansion plans with China, the report detailed.
Tetrick said: "The demand is so intense and the partnership we have with Li Ka-Shing's group is so wildly phenomenal for us, we think it's important for us to start by the end of this year."
Tetrick will triple Hampton Creek's workforce to gear up for Asian expansion, Wired reported.
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