Palm oil and cocoa butter are common ingredients in foods and cosmetics. The global cocoa supply has been disrupted by climate change; palm oil – and the rampant deforestation associated with it – is a climate change contributor.
Singapore-based Terra Oleo is testing alternatives made with agricultural waste, yeast strains and precision fermentation. The biotech company raised $3.1 million in an early equity round backed by ADB Ventures, the Asian Development Bank’s climate-focused venture arm, as well as The Radical Fund, Elev8 VC and Asia-focused food tech investor Better Bite Ventures.
Terra Oleo has also been selected for Breakthrough Energy’s 2025 fellows program. The program provides up to $500,000 in early investment capital and support for pilot-stage startups developing clean energy and climate tech solutions.
This year’s cohort of 20 companies also includes battery tech companies PowerNaP Energy in Berkeley, Calif., and LiftOff Technology in Oxford, UK. Path Power in Oakland, Calif. is making high-voltage electricity transmission cables. New York-based EverBloom is upcycling organic waste into new textile materials. Malaysia-based Quarbotech is working on a process to help farm crops to improve light absorption, boosting yields.
