Israeli 3D-printed plant-based steak developer Redefine Meat has completed a $135 million financing round, sources close to the matter have told "Globes," to enable the company to continue its expansion in Israel and worldwide. Investors in the latest financing round included mainly existing investors reaffirming their belief in the company, led by Hanaco Ventures and one of the world's most important funds in this sector, the UK's Synthesis Capital. This brings to $180 million, the total amount raised by Redefine Meat.
This is one of the largest financing rounds by an alternative meat company in Israel in order to develop plant-based meat, including use of 3D printing. The company's products are currently available in 200 restaurants in Israel, including in Ruti Broudo's R2M restaurant chain.
The new funds will allow Redefine Meat to set up a production line in Israel as well as a product plant in the Netherlands, and expand its collaborations with restaurant chains in Israel and around the world. Redefine Meat also provides products to the canteens of tech giants Facebook, Google and Apple and its plant-based meat can be found in restaurants in the UK, Germany and the Netherlands including in the restaurant chain of Michelin chef Marco Pierre White and the restaurants of Ron Blau and Joachim Gruner.
Redefine Meat was founded in 2018 and directs its products to 'meat-lovers' rather than traditional consumers of plant-based proteins. The company says its products duplicate the texture, taste and culinary experience of beef, by solely using plant-based ingredients.
Redefine Meat completed the financing round "under the radar" several months ago and has since hired 100 people and currently has 150 employees, growth of 320% within one year. The company expects to grow at a similar rate over the coming year.
Redefine Meat cofounder and CEO Eshchar Ben-Shitrit said, "Redefine Meat is working intensively to realize the vision of building a large worldwide meat company by using advanced technology and not animals. Each day the company records major achievements that are changing the food industry, from operating new machinery, new patents, and reaching a growing number of customers who are looking for us on restaurant menus, and we are very proud about all of this. Raising money is important but it is just a means for achieving our real goals."
Published by Globes, Israel business news - en.globes.co.il - on January 23, 2022.
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