Singapore-based alternative milk brand Oatside, which is backed by Temasek, Granite Asia (formerly GGV Capital), Proterra, and TR Capital, among others, has issued preference shares to new and existing investors in a new funding round.
According to the company’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), Oatside issued 179,101 preference shares worth S$55.3 million (around $43 million).
Fourteen investors participated in the financing, of which six are new to the cap table.
Granite Asia, which pumped in S$12 million, was the top investor. Secondary private equity investor TR Capital also re-upped with over S$5 million .
The new investors include Blue Ark Venture Capital and Juniper Park Capital, which invested S$5 million each, and HTC Corporation, which invested S$2.6 million.
DealStreetAsia has reached out to Oatside and Granite Asia.
The preference shares were allotted at S$308.88 apiece—almost the same price (S$309) as the company’s last preference share allotment in June 2024. However, due to the appreciation of the Singapore dollar against the US dollar, Oatside’s post-money valuation has now increased to $704.7 million, from $652.8 million previously, according to DATA VANTAGE‘s calculation.
Following the latest share allotment, the company’s total fundraising since inception stands at $187.8 million, DATA VANTAGE estimates.
Founded in 2020 by Benedict Lim, former CFO at Kraft Heinz Indonesia, Oatside offers oat milk in markets including Singapore, Japan, Indonesia, Thailand, Malaysia, Hong Kong and South Korea.
Lim is the top shareholder in the firm, according to DATA VANTAGE, with over 33% stake, followed by Granite Asia, which has a 15.18% stake, and Temasek (11.68%).
Top shareholders of Oatside
DealStreetAsia reported last year that the company had halved its losses in 2023 to S$2.2 million. Fuelled by its expansion to new markets, Oatside’s revenue climbed to S$53.8 million in 2023 from S$17.9 million in the previous fiscal year.
Oatside, which makes plant-based milk and ice cream, last raised $3.84 million in September 2024 from the Indonesian VC firm AC Ventures. In June last year, it secured about S$48 million ($35 million) in Series B funding from TR Capital and VC firm Granite Asia.
Oat milk is a hot subsector of the alternative food industry. In 2023, it had the second-largest share of sales within the plant-based milk vertical after almond milk. Oat milk also comes with GMO-free, low-fat, and allergen-free claims, providing consumers with more plant-based options to choose from to diversify their diets.
Freedom Foods Group, Nestlé, Oatly, PureHarvest, and Sanitarium Health and Wellbeing are the top five oatmilk players in the APAC region.
Sweden’s Oatly, the world’s largest oat milk producer, has started to manage its Greater China business separately since January 2024. The rest of its Asia business is clubbed with its EMEA division, now called Europe & International.
In the second quarter of this year, market revenue from Oatly’s Greater China business dropped 6.4% to $27 million, even as the Nasdaq-listed company’s overall revenue rose 3% year-on-year to $208.4 million. This has prompted Oatly Group to consider a potential carveout of its Greater China business to maximise shareholder value.
