AC Ventures Reportedly Involved in Rp938 Billion Funding of Oatside Plant-Based Milk Producer

AC Ventures reportedly participated in Oatside's Series B funding, which is a Singapore-based oat milk producer. According to data recorded with the regulator, as quoted from Alternative.pe, several investors have previously entered this round, including TR Capital, Tangram Asia Capital, Temasek, and GGV Capital. The total funds raised in this round exceeded $60 million or around Rp938 billion with a valuation of $650 million.

When asked for information, the party AC Ventures declined to comment on the news.

Oatside was founded in 2020 by Benedict Lim, former CFO of Kraft Heinz Indonesia. They claim to be the first full oat milk producer in Asia. Their oat milk product, produced in Bandung Regency, uses roasted oats from Australia and is specifically designed for Asian tastes with a distinctive malt flavor.

Currently, Oatside products are marketed in 18 countries, including Singapore, Indonesia, Malaysia, South Korea, Thailand, Taiwan, Hong Kong, the Philippines, and India. Expansion continues to be intensified after the company previously recorded Series A funding worth $ 65,6 million in 2022.

The market value for this product variant is also quite large in Asia-Pacific, even among the largest globally. According to the report Euromonitor International, Asia-Pacific is the best-performing region for plant-based milk, with sales reaching $9,8 billion by 2023.

Citing data Deal Street Asia, Oatside has seen significant business growth with a 3x increase in 2023 worth over $37 million. On the other hand, the company's losses decreased by 59%, to $1 million.

With increasing demand and a wider market, in late 2023 Oatside expanded its product line by launching three ice cream variants, as well as Mocha and Salted Caramel oat milk variants. Most recently, Oatside released a Chocolate Malt oat milk product that relies on its distinctive malt flavor. This product was initially available in Singapore and is described as “liquid chocolate bread”.