Hi Alta-natives! We are back with a new edition of Alta Views! In this edition, we will talk about the growing markets for alternative proteins in Southeast Asia, Reddit's much anticipated IPO, Temasek in talks to invest in OpenAI and the rise of quiet luxury.
Southeast Asia Leading the Alternative Protein Landscape
Producers are trying to catchup to the demand. Thailand’s CP Foods, for instance, expanded its plant-based Meat Zero brand in Singapore and Hong Kong to capture the increasing number of vegans and flexitarians in these two major cities. In the same vein, Indonesia’s leading alt-protein startup Green Rebel has plans to launch in the Philippines and Thailand this year, which will grow its foothold on Southeast Asia to five countries.
Investors are certainly paying attention. In Singapore, investments in such proteins multiplied to US$169.8M by 2022, from just US$5.9M in 2019, according to think tank Good Food Institute (GFI). This was part of the US$562M Asia-Pacific total in 2022, up from US$42M in 2019.
As Southeast Asia becomes more eco-conscious, investors can be excited for growing opportunities in this ever-evolving landscape, and with the region embracing innovative solutions to meet the rising demand for alt-proteins, a promising future is hopeful for both the industry and the environment
Alt-proteins are projected to make up over half of protein production in Southeast Asia by 2060 | Photo credit: Unsplash
Reddit IPO Looming Over the Horizon
Reddit is eyeing a valuation of as much as $6.5 billion in its IPO, according to people familiar with the matter. The social media company plans to target a price range of $31 to $34 per share in the first-time share sale. The company plans to being marketing the shares to potential investors on March 11.
With participation limited to institutional investors (and a select invitation list for highly-active Reddit users), investors who wish to speculate can look to the private markets for potential opportunities before this groundbreaking event.
Reddit is eyeing a valuation of as much as $6.5 billion in its IPO | Photo credit: Pexels
Goldman Sachs and Mubadala partner for $1bn Asia private credit fund
Goldman Sachs and Mubadala Investment Company (Mubadala), a UAE global sovereign investor, have signed a $1 billion fund in which Mubadala and Goldman Sachs Alternatives will co-invest in private credit opportunities across Asia Pacific.
The partnership is aiming to deploy $1 billion of long-term capital, offering private credit to high quality companies and sponsors throughout the APAC
The partnership will invest across the private credit spectrum and in multiple APAC markets with a particular focus on India.
Mubadala and Goldman Sachs Alternatives will co-invest in private credit opportunities across Asia Pacific | Photo credit:
Senior executives at Singapore's state investment firm have met ChatGPT maker's CEO, Sam Altman, multiple times in recent months.
Temasek was interested in investing in Altman's venture capital fund Hydrazine Capital at first, but recent talks included the AI non-profit.
The deal with Temasek is the first since reports surfaced last month that OpenAI's Altman was looking to raise about $5 trillion to $7 trillion for a network of AI chip factories.
Singapore's Temasek in talks to invest in OpenAI | Photo credit: Pexels
The explosion of interest in quiet luxury has been felt across the globe. Over the past year, Google searches for the term ‘quiet luxury’ grew by a staggering 614%. Terms like ‘old-money outfit’ have 50,000 searches per month, while ‘old-money aesthetic’ gathers more than 74,000.
Several factors have contributed to its rise in demand. Primarily, the pandemic played a pivotal role. During lockdowns, while we were confined to our homes, the fashion landscape underwent a transformation. Vibrant colors receded, mirroring the prevailing mood. Also, numerous individuals evaluated their wardrobes, culling items deemed out of season. This process brought forth the realization that neutrals and uncomplicated silhouettes possess an enduring allure. The crisis prompted a shift in priorities, compelling consumers to prioritize product quality and longevity.[13]
Furthermore, hit shows like Succession have only expedited its unprecedented growth. When the 4th season premiered, searches for terms like “old-money style” and “old-money aesthetic” spiked to 25,000/month, up from just 3,400/month during the same period in the previous year.
However, the trend has not only gained traction in the fashion world — even investors are starting to take notice.
According to DBS, some of the top companies that have benefited from this new wave are Hermès, Miu Miu, and Brunello Cucinelli. Hou Wey Fook, the bank’s CIO, stated that companies focusing on understated elegance will resonate with the growing consumer preference for subtlety in luxury and benefit from this trend. As such, quiet luxury companies notably outperformed their loud peers by 23% points last year, with DBS expecting this ongoing shift in the industry to persist.
Searches for Quiet Luxury have eclipsed those for Barbie-inspired looks
Moonshot AI| US$1B | Series B | Artificial Intelligence
Developer and provider of artificial intelligence models intend to serve AGI industry. The company is mainly focused on the research and development of a generative artificial intelligence model, providing potential AI valuation to the industry
Developer of a digital lending platform designed to help bridge the financial inclusion gap and help customers solve their financial needs. The company's platform provides cloud-native infrastructure for hybrid micro-services with one digital interface to solve all financial needs with speed and ease as well as facilitates AI-driven tools for onboarding, facial recognition, and voice recognition, enabling accountholders to apply for loans through mobile or website and analyze their credit ratings.
Operator of an on-demand hyperlocal delivery platform intended to help merchants to focus on their core business by outsourcing last-mile delivery services. The company's platform offers tech-enabled one-stop delivery services for e-commerce, restaurants, FMCG, pharma, and online and offline retailers as well as provides businesses with access to cutting-edge technology in logistics and a reliable delivery network, enabling customers with faster delivery experience.
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