Prefer, a Singapore-based food tech startup, is extending its reach to Australia, following the establishment of its debut domestic business collaboration.
In a strategic move to expand its footprint in Australia and New Zealand, Prefer has formed a partnership with local coffee producer, The Coffee Ferm. This new alliance will see The Coffee Ferm acquiring a license for Prefer’s flavor intellectual property, enabling the firm to escalate manufacturing and distribution within the local market.
Established in 2022, Prefer is making a name for itself in the market with its inexpensive and eco-friendly flavors and ingredients. These flavors are created using a unique fermentation and roasting technique, utilizing byproducts from food manufacturing processes, such as rice and soy. The company claims that their products deliver the same taste and operational attributes of coffee and cocoa, but with significantly lesser environmental impact.
Prefer supplies its innovative flavors and ingredients to an array of businesses, from Fast Moving Consumer Goods (FMCG) brands and food manufacturers, to private label retailers, and flavor houses.
The startup has recently brought its ‘bean-free’ coffee products to the market via foodservice channels, in collaboration with the Singaporean food enterprise, Melvados. Moreover, Prefer has formed an alliance with Ajinomoto Thailand to generate sustainable innovations in the country’s coffee beverage sector.
This expansion comes in the wake of Prefer securing a successful fundraising round, which exceeded expectations at US$4.2 million. The fundraising was jointly headed by At One Ventures and Chancery Hill Capital, with Forge Ventures also participating. The influx of funds will contribute to the company’s plans to enhance their pilot production facility in key markets using toll manufacturers, further their research and development on cocoa flavor creation, and extend their global partnerships, with a continued emphasis on Asia.
What is the core business of Prefer?
Prefer is a food tech startup that creates affordable and sustainable flavors from food manufacturing byproducts like rice and soy.
What is the significance of Prefer’s partnership with The Coffee Ferm?
The partnership will enable Prefer to expand into the Australian and New Zealand markets by licensing its flavor intellectual property to The Coffee Ferm, thus facilitating local manufacturing and distribution.
What are Prefer’s future plans following the recent fundraising?
Prefer plans to scale its pilot production facility, continue research and development on cocoa flavor, and broaden its global partnerships with a continued focus on Asia.
