Corporate Japan opens wallet for Miracle Meat maker
$27m haul will help Daiz improve soy meat and grow sales network
Yuya Takahashi, Nikkei Asia (Japan)
September 4, 2021
TOKYO -- The Japanese company behind soy-based Miracle Meat has attracted more than 3 billion yen ($27 million) in funding from a range of businesses, underscoring the broad interest in the up-and-coming industry of meat substitutes.
Just this August, Mitsubishi Chemical Holdings became the 23rd company to invest in Daiz. The private placement for an undisclosed sum marked the chemical company's first time buying into a Japanese startup.
Daiz sells Miracle Meat to food manufacturers and restaurant chains, employing proprietary technology to come closer to the taste, texture and nutritional value of the real thing. Mitsubishi Chemical will also develop fats and oils to improve the texture of plant-based meat.
Ten other companies have formed capital and business tie-ups with Daiz. Founded in 2015 in the southern Japanese city of Kumamoto, it once went by Daiz Energy and fully launched its plant-based-meat business in late 2019.
Demand growth has driven the deal-making...