Saturday, February 17, 2024

Funding

Urban Labs attracts additional seed investment from Big Bang Angels and Korea Omega Investment Finance



Urban Labs, a technology company that develops vegetable alternative proteins using coffee waste(SCG, spent coffee ground), a by-product of coffee, has multi-closed the Seed 2 round by attracting additional investment. Big Bang Angels and Korea Omega Investment & Finance participated in this investment.


Urban Labs is developing technology to produce customized raw materials, materials, and products by collecting discarded coffee grounds, extracting edible proteins and active ingredients, and using the extracted proteins to mix ingredients suitable for each purpose.


The protein ratio of coffee beans is similar to that of eggs, and we are aiming for a price similar to that of whey protein or soybeans, the most representative vegetable protein ingredient, and we are focusing on developing customized protein ingredients without causing GMO issues or allergies.


CEO Kim Sun-hyun said, "I think it is socially significant to develop alternative protein ingredients that can reduce greenhouse gas emissions by using coffee by-products that are discarded from the coffee we drink every day." The ultimate goal is to apply our technology to various food fields such as powder, alternative meat, alternative milk, alternative egg, and vegan food.”


By successfully attracting this investment, Urban Labs has laid the foundation for food upcycling and high value-added business development of food ingredients, and is expected to respond more actively to the rapidly growing and changing food market and environmental issues.


Kim Tae-hyun, co-CEO of Big Bang Angels, who participated in this investment, said, “The alternative protein market is expected to grow at an average annual rate of 50% by 2030. We are looking forward to future growth as we are promoting R&D and commercialization.”


Meanwhile, Urban Labs received a seed investment and step-up challenge company guarantee from the Korea Credit Guarantee Fund last year, and is conducting industry-university cooperation with Seoul Women's University Department of Chemistry/Bio-Health Convergence to advance technology related to protein extraction.


Urban Labs : https://www.urbanlabs.kr/

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