Israeli food tech Meat-Tech 3D, a developer of 3D bioprinted cultivated meat, has just announced a US$7 million funding round with participation from institutional and private investors. It comes shortly after the firm teased at becoming the first cell-based company to go public in the U.S., revealing it has submitted a draft registration statement to potentially launch its IPO on the Nasdaq stock market.
Meat-Tech 3D’s latest US$7 million round was led by Tel Aviv-based Psagot Provident and Pension Funds, with participation from More Investment House and other undisclosed private investors, the company announced on Tuesday (November 3). The Ness Ziona-based company says that the latest capital injection will help the company accelerate its R&D, particularly into hybrid alternative protein products, and continue its plan to acquire Peace of Meat, a Belgian B2B startup producing cultivated fat and texturing ingredients.
The investment round enables us to progress the recently announced Peace Of Meat acquisition, strengthening an important part of our R&D and opening up new markets such as that for hybrid products.Sharon Fima, CEO of Meat-Tech
At the end of last month, Meat-Tech 3D revealed it had invested an initial sum of US$1.19 million into Peace of Meat, which it had earlier alluded to in a signed letter of intent. The investment is a part of its planned full acquisition of the company.
“The investment round enables us to progress the recently announced Peace Of Meat acquisition, strengthening an important part of our R&D and opening up new markets such as that for hybrid products,” said Sharon Fima, CEO of Meat-Tech.
Commenting on Psagot’s decision to back Meat-Tech, Gat Megiddo, the vice president of investments at the firm, described the food tech as one that has “great economic potential, as well as a potentially huge contribution to the environment.”
“Meat-Tech has made impressive progress with its development pipeline, in addition to the strategic acquisition that the company is working to complete. The acquisition promotes a foothold in the global protein alternatives market which is showing great momentum,” Megiddo added.
Just before the latest investment news, Meat-Tech made the eyebrow-raising announcement that it has confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) to potentially launch an IPO and list on the Nasdaq.
Meat-Tech has made impressive progress with its development pipeline, in addition to the strategic acquisition that the company is working to complete. The acquisition promotes a foothold in the global protein alternatives market which is showing great momentum.Gat Megiddo, VP of Investmnets, Psagot
While no further details on the number or price of underlying ordinary shares to be issued have been released, the proposed IPO would make Meat-Tech the first cell-based company to go public in the U.S. Currently, the company is already publicly traded on the Tel Aviv Stock Exchange since last year, making it the only public cell-based meat company to date.
Another food tech that is working on cell-based protein could also be in the running to go public on the U.S. stock market, however. In August, Josh Tetrick, the co-founder and CEO of Eat Just, the company behind the famous plant-based liquid egg that is also working on developing cell-based products, said in an interview that he plans to launch an IPO once it reaches profitability. Tetrick estimated an end-of-2021 timeline for reaching the goal.
Lead image courtesy of Meat-Tech 3D.