Green Monday Holdings, Asia’s answer to Beyond Meat, raises $70 million from TPG, Swire Pacific
Tuesday, September 22, 2020
(TechCrunch by Jonathan Shieber) – Green Monday Holdings, a manufacturer of plant-based pork substitute products and frozen meals and an operator of a chain of vegetarian-focused retail outlets and cafes, said it has raised $70 million in financing from investors, including TPG’s The Rise Fund and the massive conglomerate Swire Pacific.
It’s one of the largest investments in a plant-based meat replacement company headquartered in Asia, and comes as investments into companies developing alternatives to animal proteins continue to surge.
It’s also a huge infusion of cash for the business arm of what may be Hong Kong’s largest vegetarian advocacy group.
Born out of a social movement that started on Earth Day in Hong Kong in 2012 (and was inspired by the Meatless Monday campaign in the U.S.), the Green Monday organization advocates for consumers to dedicate at least one day a week to going meatless.
Its founder, David Yeung, is a longtime Buddhist and (mostly) vegetarian who founded the organization with Francis Ngai, the head of Social Ventures Hong Kong, after a lunchtime conversation over how to promote sustainable living in one of the world’s most populous cities.
Other investors in the round include, CPT Capital, Jefferies Group and Sino Group’s Ng Family Trust, along with previous corporate and celebrity investors like Lee Kum Kee Health Products Happiness Capital, the singer Wang Leehom, James Cameron and environmental activist Mary McCartney.
