Israeli 3D-printed plant-based steak developer Redefine Meat has completed a $29 million Series A financing round led by Happiness Capital and Hanaco Ventures and with the participation of CPT Capital and other international investors. The new funds will allow the company to move forward with plans to launch its products on international markets in Europe, Asia, and North America and to set up a production plant in Israel.
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.
This is the largest ever Series A financing round by a meat alternatives company and brings to $38 million the amount raised by Redefine Meat.
Redefine Meat cofounder and CEO Eshchar Ben-Shitrit said, "This is a major step towards becoming the world's largest meat alternatives company by 2030. We want to change the belief that tasty meat can only come from animals and we have all the foundation stones to turn this into reality: quality meat products, strategic partnerships with interested parties around the world, a broad-scale pilot line under construction, and the first 3D printers ever that will produce meat for marketing later in the year."
Last month, Redefine Meat signed its first-ever deal with Israeli meat distributor Best Meister. The deal was signed after a blind tasting by more than 600 people in which 90% of the 'meat loving' participants expressed satisfaction with the company's products, even though they have no animal content. The company has won regulatory approval for marketing in Israel and Singapore and in the first stage products will be sold to restaurants.
Published by Globes, Israel business news - en.globes.co.il - on February 16, 2021
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