Singapore-based food technology company Prefer has received a S$400,000 (A$466,400) grant from Enterprise Singapore’s Startup SG program, taking the company’s total capital raised to US$7 million (A$10 million).
The funding will support the development of PreferChoc, a cocoa extender designed to help chocolate manufacturers maintain flavour while reducing production costs and carbon footprint amid rising cocoa prices.
Founded in 2022, Prefer uses fermentation and roasting techniques to convert food manufacturing byproducts, including rice and soy, into flavours and ingredients that mimic coffee and cocoa.
Last year, the company launched its flagship product, PreferRoast, and secured its local commercial partnership with The Coffee Ferm to fuel its expansion strategy in Australia and New Zealand in August.
The startup has also brought its bean-free coffee products to market through foodservice channels in partnership with Singapore-based Melvados.
Prefer has additionally partnered with Ajinomoto Thailand to develop sustainable coffee beverage innovations in the country.
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