Korean startup Intake selling sustainable food alternatives to launch IPO in 2024
Intake, a Korean food tech startup that promotes mindful eating benefits, is set to launch its IPO in 2024. The company announced that it had signed a contract with Shinhan Financial Investment to be listed on the KOSDAQ in 2024.
Intake is a food tech company founded in 2013 by food engineers from Seoul National University. The sustainable food product promoting company has been developing technologies to replace animal proteins and sugars, which have high environmental costs. It has attracted a cumulative investment of 8 billion won ($ 6 million) from institutional investors such as Dong-A Socio Holdings, Softbank Ventures, and Idea Bridge Asset Management.
Intake emphasized that it aims to exceed 3 billion won ($2.27 million) in monthly sales and 25 billion won ($18 million) in annual sales. Last year, Intake recorded yearly sales of 12.5 billion won ($9.4 million). This year, monthly sales exceeded 1.5 billion won ($1.1 million) through the alternative protein brand ‘Innocent’ and the sugar substitute brand ‘Sugarolo.’
Tae Seong hwan, team leader of Shinhan Financial Investment’s IPO Division 1, who was in charge of the listing of Intake, said, “There is a growing interest in alternative food products that consider health and the environment, especially among millennials and Gen Z. The reason for taking charge of the listing is that Intake’s manpower and technological competitiveness are high.”
Intake CEO Han Nok-yeop said, “The series B round will be closed soon. We will expand the alternative food infrastructure and acquire competitive food tech companies by attracting pre-IPO investment in 2023.” He added, “We are expanding our offline sales channels starting with the opening of CU and Olive Young in June this year.”
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