SG food-waste upcycling firm bags funding to enter Japan
Food tech company Crust Group has raised an undisclosed amount from Glocalink Singapore, Ales Global, and Mitsui Sumitomo Insurance Venture Capital, the corporate venture arm of Mitsui Sumitomo Insurance under MS & AD Insurance Group.
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Photo credit: Crust Group
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With this new round, Crust Group will expand its footprint in Japan. The Singapore-based startup will work with its partners to develop new upcycled products – or usable items created from waste items – in the country.
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Crust Group is fighting food waste by upcycling surplus ingredients into unique beverages for food service and retail partners. To make its products, the company works closely with partners such as restaurants, hotels, and supermarkets. For example, it recently launched a pale ale made out of surplus bread from artisanal bakery Maison Kayser.
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According to the United Nations, the global cost of food waste amounts to US$2.6 trillion a year. In 2018, 6 billion kilograms of food were lost and wasted in Japan, approximately the amount of food that Tokyo’s 13 million residents consume in a year.
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“Working alongside strong investors who are dedicated to the sustainable development goals, we’ll be able to pioneer the upcycled movement in Japan and shift the way we manufacture beverages for the better,” said Travin Singh, founder and CEO of Crust Group.