Israeli cultivated dairy company Remilk has completed a $120 million Series B financing round led by Hanaco Ventures The new funding will enable Remilk to immediately scale production of its dairy-identical milk protein for commercial use by manufacturers in traditionally dairy-based products including cheeses, yogurt and ice cream.
Remilk cofounder and CEO Aviv Wolff said, "It is essential for the future of our planet that we liberate the food chain from dependency on animals. We do so by crafting real dairy that tastes and feels the same, minus the cow. Our mission is bold, and support from these experienced and trusted investors demonstrates the power of Remilk to meet the moment. This funding propels us on our journey to transform the dairy category into one that delivers delicious, nutritious products without harm to people, planet, or animals. Already, we are engaging with dozens of companies, including some of world’s most popular brands, to recreate the future of dairy together."
The oversubscribed round includes investments from Precision Capital, Rage Capital, CPT Capital, Intercap, OurCrowd, Aliya Capital, Chartered Group, Indorama Ventures, Tal Ventures, Fresh Fund, Idan and Gil Ofer, Izaki Ventures, and Paradigm Shift Fund.
Rehovot-based Remilk has pioneered a scalable, yeast-based fermentation process, which produces animal-free milk proteins that are indistinguishable in taste and function from cow milk proteins, but free of lactose, cholesterol, and growth hormones. The patented process has a drastically reduced environmental impact; Remilk estimates its process uses 1% of the land, 4% of the GHG emissions, and 5% of the water required to produce comparable products in the traditional dairy manufacturing process.
The company plans to have products featuring Remilk in the marketplace later this year.
Hanaco Venture founding partner Pasha Romanovski said, "Not only are Remilk products cleaner and significantly more sustainable when compared to traditional dairy, but they are indistinguishable in taste, feel, and texture."
He added, Remilk also employs production methods that are radically more sustainable than traditional production methods today. We have a strong conviction in the founders’ vision and are thrilled to support the talented team on their journey."
Published by Globes, Israel business news - en.globes.co.il - on January 6, 2022.
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