Singapore-based food tech startup Prefer is expanding into the Australian market after securing its first local commercial partnership.
The company has partnered with The Coffee Ferm to fuel its expansion strategy in Australia and New Zealand. As part of the agreement, The Coffee Ferm will license Prefer’s flavour IP to scale local manufacturing and distribution.
Founded in 2022, Prefer makes affordable and sustainable flavours and ingredients from food manufacturing byproducts such as rice and soy, using a proprietary fermentation and roasting process. The firm says its ingredients replicate the taste and functionality of coffee and cocoa at a fraction of the carbon footprint.
The company supplies its flavours and ingredients to FMCG brands, food manufacturers, private label retailers, and flavour houses.
The startup recently commercialised its ‘bean-free’ coffee products through foodservice channels, in collaboration with Singaporean food business Melvados.
In addition, Prefer has signed a partnership with Ajinomoto Thailand to develop sustainable innovations under coffee beverages in the country.
The partnerships come as Prefer secured an oversubscribed US$4.2 million fundraising round co-led by At One Ventures and Chancery Hill Capital, with continued participation from Forge Ventures.
The company plans to scale its pilot production facility through toll manufacturers in key markets, deepen R&D on cocoa flavour development, and expand global partnerships with a continued focus in Asia.
