Singapore-based startup Prefer has raised $4.2 million to expand its bean-free coffee and cocoa products worldwide. The company also announced partnerships with Ajinomoto and The Coffee Ferm.
The funding round was co-led by At One Ventures and Chancery Hill Capital, with existing investor Forge Ventures also participating. This brings Prefer’s total funding to $6.2 million, after raising $2 million in a seed round in early 2024.
“[The raise] took us around six months from start to finish,” co-founder and CEO Jake Berber tells Green Queen. “It’s no secret that it’s the toughest time to raise in our industry in a decade. So, raising was our full focus during that period. 20+ investor calls a week was not uncommon. We wanted to move fast so we could get back to building.”
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Showing its global ambitions, Prefer has signed deals to sell its bean-free coffee with Ajinomoto in Thailand and The Coffee Ferm in Australia and New Zealand.
The company has also launched its bean-free cocoa powder, first teased in January, and a soluble “coffee extender” announced last month.
“Our investment in Prefer reflects both the urgency of reducing our food system’s agricultural footprint and our conviction in this team’s ability to deliver a sensory-equivalent experience with radically lower environmental impact, all while driving cost savings for customers,” says Helen Lin, partner at At One Ventures.
“By reducing the need for commodity coffee and cacao farming, Prefer is enabling a future where taste and climate alignment can go hand in hand,” she adds.
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