Off Meat
To promote sustainable food in Indonesia.
| USD | 2022 | 2023 |
|---|---|---|
| Revenues | 0000 | 0000 |
| % growth | - | 52 % |
| EBITDA | 0000 | 0000 |
| Profit | 0000 | 0000 |
| EV | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 |
Source: Dealroom estimates
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OFF FOODS, operating under the brand Off Meat, is an Indonesian food technology company established in August 2021 by serial entrepreneur Dominik Laurus and plant-based industry veteran Jhameson Ko. The company is focused on accelerating the adoption of alternative proteins within the Indonesian market.
The firm's business model is primarily business-to-business (B2B), supplying its plant-based meat products to the hotel, restaurant, and catering (HORECA) sector. Its flagship product, OFF MEAT, is a chicken-like protein made predominantly from soy protein. This product is designed to be versatile, allowing for its use in a variety of local and international dishes, from fried 'chicken' to traditional 'chicken' sambal matah. The company emphasizes affordability, with OFF MEAT priced at approximately half the cost of similar alternative meat products in the market, addressing a key barrier to plant-based food adoption in developing markets.
OFF FOODS has established partnerships with numerous food and beverage businesses across Indonesia, including Gaaram, Wanfan, Mamma Rosy, Fitco Eats, Mangkokku, Zenbu, and Byurger. This strategy has led to rapid growth, with sales expanding tenfold since its inception. The products are available in seven major cities: Greater Jakarta, Bandung, Surabaya, Medan, Yogyakarta, Makassar, and Bali. In April 2022, OFF FOODS secured US$1.7 million in a seed funding round led by Alpha JWC Ventures, with participation from Global Founders Capital, Creative Gorilla Capital, Lemonilo, and United Family Capital. These funds are intended for research and development to create new product variations, such as nuggets, and to facilitate expansion into more Indonesian cities. The company also has plans to launch a direct-to-consumer (D2C) line to broaden its customer base and is eyeing regional expansion in 2024.
Keywords: alternative protein, plant-based meat, Indonesian food tech, B2B food supply, HORECA, soy protein, chicken substitute, sustainable food, food and beverage, restaurant supply, food manufacturing, emerging markets, plant-based lifestyle, culinary innovation, food production, affordable protein, direct-to-consumer food, food industry, chicken alternative, Asian food market