HSBC has supported Growthwell’s growth journey from its earliest steps. “As part of our focus in the new economy sector, this dynamic start-up has been able to complement its own fundraising efforts with direct financing support from HSBC,” explains Regina Lee, Head of Commercial Banking, HSBC Singapore.
As a start-up, finding a banking partner was not straightforward, but Growthwell’s vision aligned with HSBC’s commitment to fast-growth investor-backed businesses with a focus on sustainability.
“HSBC’s financing has supported us in our journey of harnessing the latest research and deep tech to shape a more sustainable and nutritious food system for more consumers.” says Justin Chou, Executive Director, Growthwell Foods.
Alongside helping to finance Growthwell’s working capital and M&A deals, HSBC’s global network and local expertise has helped drive the company’s overseas expansion plans. From Singapore, Growthwell has rapidly expanded into Malaysia and has plans to expand into Thailand, Indonesia and Taiwan.
“We believe strongly that Growthwell Foods will be on a path of sustainable growth in the next five years. Our ambition is to be one of the leading players in plant nutrition in Asia, impacting millions of lives through innovative products that appeal to Asian palates,” says Chou.
The company vision chimes loudly with Singapore’s commitment to food security and its emergence as a food-tech hub. By 2030, the city-state aims to meet 30% of its nutritional needs domestically and is investing heavily in food and agri-tech businesses .1
“Food security is a global issue,” says Lee. “We are delighted to be supporting fast-growth businesses like Growthwell, as they pursue innovative solutions to offer accessible plant-based alternatives.”