The oatmilk manufacturer, which launched in the Asian retail market in February 2022, intends to use new investment to boost its production capabilities across its key markets
Oatside currently distributes products across Singapore, Malaysia, Indonesia, South Korea and Taiwan | Photo credit: Oatside
Singapore-based oatmilk company Oatside has announced the closing of a $65.5m Series A funding round to expand its production output across Singapore and the greater Asia-Pacific region.
The funding, led by Temasek Holdings, GGV Capital and Arabica International, will see increased production of Oatside’s Barista Blend, Chocolate, and Chocolate Hazelnut products.
CEO Benedict Lim said he wants Oatside to ‘lead the shift to more sustainable foods’ across Asia, positioning the brand as not only for those seeking a dairy alternative for environmental reasons but also ‘to be the plant milk for people who don’t care for plant milks’.
Founded in 2020, Oatside raised $22m and began selling products in Singapore in February 2022.
The company currently distributes products across Singapore, Malaysia, Indonesia, South Korea and Taiwan.
In June 2022 Singapore’s Flash Coffee partnered with the brand, saying the two organisations shared a ‘vision of creating positive and sustainable change’. Flash Coffee Singapore offered free Oatside milk upgrades on all purchases through June and July 2022.
Asia has an increasingly competitive dairy-alternative market, with Swedish brand Oatly established across the continent since 2017. Oatly expanded its presence in Asia last year with manufacturing plants starting operations in Singapore and China in July and November 2021 respectively.
Additionally, UK-based Minor Figures said a new relationship with Hong Kong-based social venture model Green Monday Group, established in June 2022, would strengthen the oatmilk and ready-to-drink coffee brand’s distribution reach as it seeks to expand into Asia.