Wemeet, a South Korean foodtech startup specializing in plant-based meat derived from fungi, has secured pre-Series A funding from investors including POSTECH Holdings, IBK Capital, CNTTech, IPS Ventures, and DCamp.

Wemeet produces raw meat alternatives from mushroom-based materials. They’ve introduced a new category known as “mushroom meat,” featuring products like Wemeet Fried (a mushroom-based chicken substitute), Kung Pao, and Mushroom Chicken Fried Rice, initially launching with Wemeet Fried in 2021.

The company’s recognition soared on the global stage, securing the second position among over 500 APAC plant-based food companies at the Big Idea Food Competition in September.

Hwang Woo-sung, a managing director at IPS Ventures, a participant in the investment, expressed the significant growth potential of the plant-based meat market globally. Wemeet’s unique use of mushrooms as the primary ingredient in creating delicious plant-based meat was a key factor in their investment decision.

An Hyun-seok, CEO of Wemeet, emphasized their vision to establish “mushroom meat” as a new standard in everyday meals, much like beef and pork from traditional sources.

Wemeet plans to utilize the investment to enhance product competitiveness, streamline mass production systems, and expand its presence in the global market. They will also focus on talent acquisition to support these objectives.

Moreover, Wemeet is gearing up for significant global expansion, initially targeting Hong Kong and Singapore after successfully exporting to Australia in February of this year.