🎙️ From Glow-in-the-Dark Carrots to Venture Capital

Disclaimer: The views and opinions expressed in this article are Eshan's personal perspectives and do not necessarily reflect those of Better Bite Ventures.

"There Is No One Path into VC"

For this week’s newsletter, I had the opportunity to chat with Eshan Samaranayake from Better Bite Ventures and author of the Better Bioeconomy newsletter. This feels like a full-circle moment for me, as Eshan interviewed me shortly after I left Vow in early 2024. Our friendship is a great example of the power of networking—and LinkedIn in particular.

Eshan refers to this as increasing the surface area of luck, and I couldn't agree more.

From Glow-in-the-Dark Carrots to Venture Capital

Eshan’s fascination with biotech started when he was just 12 years old. A teacher told him that scientists could take a gene from a firefly and insert it into a carrot to make it glow in the dark. In hindsight, he admits this isn’t the most practical example of synthetic biology—but at the time, it was the coolest thing ever.

After finishing high school in Sri Lanka, Eshan followed his passion to study biotechnology at the University of Hong Kong. Growing up, he had been quite introverted and imagined himself “sitting in a corner and editing genes” during a PhD. But moving to Hong Kong and gaining independence shifted his thinking. By his third year, he knew academia wasn’t for him.

“While I have enormous respect for academia and all the important research it produces, I felt drawn to commercialisation - that's where research gets transformed into real value for society. I love biotech, but I didn't want to do a PhD."

A Gap Year That Changed Everything

In late 2019, with just one semester left, Eshan took a gap year to gain commercial experience. Despite COVID-19 disrupting 2020 (I guess we all had a gap year that year...), he managed to complete three full-time internships, including one at a healthcare VC. That VC wasn’t even advertising a role—Eshan simply reached out to the general partner and asked if they would take an analyst intern. The GP saw his potential and brought him in. Another great reminder that you miss 100% of the shots you don’t take!

Eshan returned to finish his degree in 2021 but was already thinking about what came next. While the pharmaceutical industry was a natural path for many biotech graduates, he found himself drawn in a different direction. During the pandemic, as discussions about food insecurity became more prominent, he started diving deeper into research about global food systems.

"As I read more about the food system, I realized how unsustainable and inefficient it was, I saw an opportunity for biotech to make meaningful improvements."

The emerging food tech sector, particularly alternative proteins, offered an exciting contrast to the heavily monopolized pharmaceutical industry. Here was a chance to apply his biotech expertise to an industry that was still taking shape.

“I felt like I could have more impact even as a fresh graduate in a new field.”

From Microalgae to the Better Bioeconomy

After graduating, Eshan joined Geb Impact Technology Co. Ltd., a microalgae company producing food ingredients. As a new graduate in a small company, he wore multiple hats and worked across a broad range of projects. Meanwhile, he devoured every piece of media he could find on the alt-protein sector (Eshan specifically called out both Green Queen Media and AgFunder for their brilliant reporting!) At conferences and trade events, he often found himself recommending articles and podcasts to others. This led to the creation of his newsletter, Better Bioeconomy —initially as a way to organize those recommendations.

Inspired by newsletters like Green Queen and FoodHack, Eshan saw an opportunity to create something complementary but more specialized.

"I wanted to write a newsletter for me, my target audience was me."

His newsletter, Better Bioeconomy, would focus more on biotech-related updates in the agrifood industry and cover the latest scientific research papers that he found interesting.

The newsletter became an accountability tool, forcing Eshan to consistently read, summarize, and share industry insights. But more importantly, it was a way to put himself out into the world. It’s one thing to say you're passionate about food tech—it’s another to point to a regular newsletter you've built in your own time.

When I asked him about the benefits of writing and sharing his newsletter, he emphasized how much it helped his own understanding. This is what kept Eshan going for the first six months even when he barely had a hundred subscribers. But he maintains a grateful perspective about those early days.

"I was thankful for those hundred subscribers - that's 90 more than I would have hoped for! Imagine speaking to a room of 100 people!"

But beyond that, the newsletter increased his surface area of luck—opening doors he never expected.

Breaking into VC

As Eshan kept voraciously consuming content about food tech and alternative proteins. Though he enjoyed working with biomass fermentation at Geb, he realized he was more fascinated by the entire spectrum of technologies transforming our food system - from precision fermentation to cultivated meat, from novel ingredients to enabling technologies.

"I loved what we were doing at Geb, but I found myself wanting to learn about every new technology out there, maybe it was my undiagnosed ADHD, but I didn't want to specialize in just one technology. I wanted to understand them all!"

Venture capital offered a unique combination of everything he valued: applying his scientific knowledge, pursuing his passion for commercialisation, and building meaningful relationships across the industry. VC would allow him to engage with multiple technologies and founders while helping bridge the gap between innovative science and real-world impact.

He wanted to return to VC but faced several rejections when applying for roles. The market was tough, especially for someone with less than 3 years of full-time work experience. As a non-local in Hong Kong who didn't speak Cantonese, the barriers were even higher.

But Eshan kept pushing forward. He continued attending networking events, talking to founders and investors, and most importantly, writing his newsletter. The weekly discipline of researching and writing kept him informed about industry developments, which proved invaluable during interviews. The newsletter also expanded his professional network - when recruiters conducted reference checks, more people knew his work and could speak to his dedication.

Eventually, when Better Bite Ventures posted an opening for an APAC-based Analyst, Eshan applied without much expectation. He knew the competition would be fierce across the entire Asia-Pacific region. But after 3-4 rounds of interviews and several assignments, he got in.

The combination of his industry knowledge, hands-on scientific experience, demonstrated passion through the newsletter, and the network he had built all contributed to landing the job. It's a perfect example of what Eshan calls "increasing the surface area of luck" - by consistently putting himself out there, he created more opportunities for meaningful connections and opened doors he never expected.

Now, nearly a year in, Eshan has evaluated over 100 companies. I asked him about the common traits of startups that fall into the “hell yes” and “immediate no” categories. Here’s what he shared:

What Makes a Startup Stand Out

✅ A clear alignment between technology and market—too many startups pitch to the wrong investors! (Validate your investors before setting up a call.)

✅ Founders with a growth mindset—openness to feedback and learning from mistakes is a huge plus.

✅ Resourcefulness—a hacker mentality and a make-do attitude are critical in the early stages.

✅ Clear IP advantage—especially with a defensible moat. Even a well-articulated IP strategy is a plus.

✅ Confidence is key, but VCs can see through overhyped claims. Strong founders can articulate their strengths while acknowledging the competitive landscape.

Common Mistakes

❌ A mismatch between technology and market.

❌ Thinking too small—VCs are often looking for 10-100× returns.

❌ Delaying conversations with investors - Instead of viewing investor conversations purely as pitching opportunities, use these early interactions to build relationships and gather feedback, fo when you are ready to raise.

"Maybe the founder is being rational, but VC is often not rational and looking for outsized returns"

The Future of Food Tech & Biomanufacturing

Eshan also shared the trends he's most excited about:

• AI and ML in bioprocessing and in silico modelling (eg. New Wave Biotech, Ark Biotech and Cell Bauhaus)

• Continuous bioprocessing—companies developing internal manufacturing processes around this approach (eg. Cauldron Ferm and Enduro)

• Global momentum in biomanufacturing—Governments worldwide are investing heavily, including: US: $1B BioMADE initiative Netherlands: EUR25M committed to fermentation and cell cultivation facilities China & UK: Also making substantial investments

Eshan and I both agree—biomanufacturing feels like one of those rare technologies that will completely change how we interact with the world. The momentum is real, and it's only growing.

Eshan’s Ask for This Community

📌 For founders: If you're working on decarbonizing the food system—no matter how early—reach out to Eshan for a chat. Better Bite Ventures (website here) focuses on ideation and pre-seed investment, so it’s never too early to start the conversation.

📌 For food-tech & bioeconomy enthusiasts: Subscribe to Better Bioeconomy here! You never know where expanding your surface area of luck might take you.