SK Inc. invests in Wildtype, artificial seafood maker

Wildtype's salmon cultivated from cells [SK INC.]

SK Inc. invested $7 million in Wildtype, a San Francisco, California-based producer of seafood cultivated from cells, extending its bet on sustainable food.

The size of its stake in the company wasn't announced.

The investment arm of SK announced Thursday that it expects the industry to grow significantly as consumers care more about the environmental impact of what they consume.
“The process of overcoming climate change could also serve as a breakthrough opportunity in identifying new values for the future,” said Kim Moo-hwan, head of the Green Investment Center at SK Inc.

“In preparing for explosive growth of the green industry, SK Inc. will work towards taking the market leadership, including in sustainable food.”

Founded in 2016, Wildtype produces salmon without fishing by growing the product through cell cultivation.

SK Inc. will also form a joint venture with local dairy firm Maeil Dairies and Perfect Day, a Berkeley, California-based food tech start-up that SK previously invested in.

“Once it gets appropriate licensing, the joint venture will begin business, bringing in dairy proteins from Perfect Day with Maeil Dairies assuming the responsibilities for manufacturing, distributing, and selling final products,” SK Inc. said in a statement.

SK Inc. participated in a $350 million investment round in Perfect Day last year. The investment was led by Singapore’s Temasek and the Canada Pension Plan Investment Board. Hong Kong’s Horizon Ventures and Bob Iger, executive chairman of The
Walt Disney Company, also joined the funding round.

Perfect Day makes animal-free dairy proteins through a process that involves bioengineering techniques and fermentation. It has focused on supplying raw materials to manufactures rather than producing its own product.

Other food tech investments include 8.3 billion won ($6.3 million) in Meatless Farm, a British plant-based meat producer. Founded in 2016, Meatless Farm specializes in plant-based meat products made with pea protein.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]