SK Inc: “Strategy for investing in a range of food technologies, from the meatless farm to the perfect day” – vegconomist
South Korean company SK Inc. has invested around $ 100 million in new food-focused businesses in the United States, Europe and Asia over the past year, starting with an investment of $ 45 million. dollars in Perfect Day in 2020 and including alternative protein pioneers like Nature’s Fynd and Meatless. Cultivate.
Moohwan Kim, executive vice president of SK Inc.’s Green Investment Center, took the time to talk to the vegetarian economist about the achievements and goals of the famous Asian plant conglomerate.
Who is SK Inc. and how long has the company been investing in the alternative food market?
SK Inc. is the strategic investment company of SK Group, South Korea’s third largest conglomerate. In addition to SK Inc., the SK Group has large global operating companies in the energy, semiconductor, telecommunications and life sciences industries. SK Hynix is the world’s second largest memory chip maker, SK Innovation is one of the world’s leading manufacturers of electric vehicle batteries, and SK Telecom is Korea’s largest mobile phone provider and the first in the world to offer 5G service.
Earlier in 2021, SK Inc. reorganized into four key investment pillars: Green Business, Digital, Advanced Materials and Biopharmaceuticals. Investments in novel foods are part of SK Inc.’s goal of driving the growth of green businesses and part of SK’s broader commitment to supporting sustainable business models and technologies through the Principles. environmental, social and governance (ESG).
SK Inc. has invested approximately $ 100 million in new food-focused businesses in the United States, Europe and Asia over the past year in an effort to tackle the global food chain and its impact on the achievement of long-term sustainability goals.
SK Inc. believes these investments can help reduce the environmental impact of our global food chain. According to research from Chatham House, a leading political institute, the food chain as such is a major contributor to global greenhouse gas emissions, which negatively impacts efforts to tackle climate change. SK’s investments in new food businesses aim to support the transition to a more sustainable and fairer food chain for all.
What was the most recent investment?
SK Inc. participated in the recently announced Series D fundraising round for Perfect Day. SK Inc. and co-investor STIC Investments, a leading Korean private equity firm, have invested an additional $ 55 million in Perfect Day as part of the Series D funding. Perfect Day will use SK’s investment and other partners to focus more on organic engineering, ingredient innovation and consumer products.
SK also recently signed a memorandum of understanding with SPC Samlip, a Korea-based food company. This MOU will bring the two companies together with the aim of making joint investments and pursuing business opportunities by introducing new food technologies from its investments, such as Perfect Day in the United States and Meatless Farm in the United Kingdom. – United, in the Asian market.
What investments in which companies have been made before?
To date, SK Inc. has invested in Perfect Day, Nature’s Fynd and Meatless Farm. SK Inc. is also forming an $ 85 million investment fund with Chinese group Joyvio to help promote new food technologies and businesses in this market. In addition, we recently signed a Memorandum of Understanding to work with SPC Samlip to make joint investments and introduce new food technologies in Asia.
What is the geographic focus?
SK Inc. has a global investment objective. In the New Food Space, SK Inc. has sought to support new leading food companies around the world with investments and partnerships in the United States, Europe and Asia. With nearly 70 years of experience and growth as one of Korea’s leading conglomerates, SK Inc. is also looking to use its close ties in the Asian market to help bring promising new food technologies from the United States and from Europe to Asia.
SK Inc. is focused on managing the global food chain and creating solutions that impact consumers at scale. SK Inc. is continually evaluating new opportunities for strategic partnership with companies that have a common vision of sustainability and can complement our existing portfolio.
