Daiz, a Japanese company, secures $47 million in funding for plant-based ventures

Daiz, a Japan-based plant-based meat company, has successfully raised Y7.1bn ($47.44m) in its latest funding round. This funding will be used to invest in one of Japan’s largest plant meat raw material factories, which is set to begin operations in February 2025. The facility, spanning 40,000 square meters, will eventually produce 20,000 tonnes of Daiz’s plant-based Miracle Meat annually, generating approximately 40 job opportunities. Daiz aims to accelerate its growth in both the domestic and international markets by leveraging this funding.

The recent funding round has brought Daiz’s total secured amount to over Y13.1bn, making it the largest funding ever raised in the Japanese food-tech industry. In 2020, Daiz concluded its Series A funding round. Tatsuya Koitabashi, the director and CFO of Daiz, expressed their gratitude for receiving investments worth Y3.78bn from 11 companies, including existing shareholders. Koitabashi highlighted the increase in valuation compared to the previous round and the potential for growth.

Moreover, Daiz secured debt financing worth Y3.4bn from nine financial institutions, in addition to the capital increase. By utilizing the financing systems of the Ministry of Economy, Trade and Industry and the Ministry of Agriculture, Forestry and Fisheries, Daiz was able to obtain long-term corporate loans at a low cost, which is uncommon for start-ups. Daiz plans to allocate the funds raised in this round to fuel growth, including the construction of a new factory for their next-generation plant meat raw material, Miracle Meat. The company is determined to achieve substantial growth in the industry.

Miracle Meat, produced from whole soybeans, offers a versatile solution for meat alternatives such as burgers, chicken, and tuna.