Israeli vegan yogurt developer Yofix has completed a financing round from some of the world's largest dairy giants - German company Muller, France's Bel Group and US company LionTree Partners LLC. The amount raised is believed to be $2.5 million. The funds will enable the company to expand its global marketing for the range of plant-based yogurts that it is developing. Yofix previously raised $2 million from Strauss and private investors.
Yofix was founded by Ronen Lavie in the Israel Innovation Authority The Kitchen food-tech incubator operated by Strauss Group Ltd. (TASE:STRS). Yofix's non-dairy yogurt recipe is not based on soya but rather oats, lentils and sesame.
The yogurt is sold in Israel by Strauss under the Only brand and produced at the Wyler Farm dairy, which specializes in milk alternatives.
Strauss VP growth and innovation Shahar Florentz told "Globes," "Strauss Group is delighted to be joined by Muller and Bel, leading companies in the world dairy industry, in investing in Yofix. This investment is added to the previous investment by Strauss, which is a partner of Danone, and this will strengthen the company's operations in the growing milk alternatives market."
Yofix CEO Steve Grun said, "Receiving the financial investment by such prominent multinational players of the dairy industry is an endorsement of trust and confidence in our products and technology. This fresh influx opens the door to new possibilities. Over the next few years, we will focus strategic efforts on expanding our line of dairy alternatives - which also includes oat yogurt shakes - into the global market. The support will also boost the advancement of our efforts toward developing more clean-label plant-based offerings that extend into alternative cheeses, frozen desserts, and milk alternatives - the prospects are boundless,"
Published by Globes, Israel business news - en.globes.co.il - on February 5, 2020
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