Within a few months of becoming a publicly traded company, Millennium Food-Tech (TASE: MIFT) has raised NIS 52 million in offerings from the public, making it the largest R&D Partnership on the Tel Aviv Stock Exchange (TASE). In total, the Partnership has so far raised about NIS 94 million, which it plans investing in food-tech companies. Millennium's first portfolio company SavorEat (TASE: SVRT), held its initial public offering two weeks ago, and the share has since recorded returns of tens of percentage points. Institutional investors took part in the public offering and since then Psagot Gemel has become a party at interest in the company.
Millennium Food-Tech focuses on companies operating in the personalized nutrition sector, protein substitutes, reducing garbage and food leftovers, smart packaging, artificial intelligence and new food ingredients. In the past few years, there has been major growth in the food-tech sector due to growing demand for sustainable solutions in these areas. In 2013, $2.2 billion was invested in this field while last year this amount had risen to $19.8 billion.
Millennium Food-Tech's first portfolio company SavorEat is developing a unique technology for producing meat alternatives. The company's market cap is NIS 350 million of which Millennium has a 14.3% (fully diluted) stake, worth NIS 50 million, six times the amount that the partnership invested in the company (NIS 8 million). The Partnership has so far also invested in Phytolon, which develops technology for manufacturing natural food coloring for the food industry, and in TIPA, which develops perishable packaging solutions for the food industry.
Institutional investors took place in the latest offering, which saw Psagot Gemel become party of interest in the company. Leumi Partners Underwriters acted as underwriters for the offering and the shares were distributed by Cybele Capital Markets. The offering was supported by Advs. Itay Brafman and Adi Ron of the Zeev Holender law firm.
Published by Globes, Israel business news - en.globes.co.il - on December 13, 2020
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