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SavorEat, an Israeli food tech that has developed 3D-printed plant-based meat alternatives, has raised NIS 42.6 million (US$13 million) in its initial public offering on the Tel Aviv Stock Exchange (TASE), making it the first publicly listed company of its kind on the exchange. The firm says that the capital will be used to accelerate the scaling up of their technology, and will also contribute towards further development for future products.
Listed under the ticker symbol SVRT, SavorEat’s US$13 million IPO was led by Psagot Provident and conducted by Leumi Partners Underwriters, and attracted a number of other high-profile Israeli institutional investors, including Meitav Dash. It marks the first ever 3D-printed plant-based meat firm to go public on the exchange.
Founded in 2018, SavorEat’s patent-pending technology is based on research licensed from the Hebrew University’s Faculty of Agriculture. It enables the production of kosher, vegan and gluten-free meat alternatives using a smart 3D-printing robot that prints from its cartridges that contain plant ingredients and a nano-cellulose fibre to give texture.
The product is then roasted, baked or grilled using advanced cooking methods that even makes a “sizzling sound”, and according to the company, can mimic the different textures, fibres and fats of real cuts of meat. SavorEat’s first product is a 3D-printed plant-based burger, and with the funding, the food tech believes it can use the same technology to expand its line of offerings.
Our worldview is that only alternative tastiness, quality and healthiness to meat will succeed in leading to the desired change in reducing meat consumption.Racheli Vizman, Co-Founder & CEO, SavorEat
Commenting on its IPO milestone, the firm’s co-founder and CEO Racheli Vizman said: “We believe that SavorEat brings genuine good news to the meat alternatives market through the unique technology that we are developing. Our worldview is that only alternative tastiness, quality and healthiness to meat will succeed in leading to the desired change in reducing meat consumption.”
“We are grateful to our investors who have shown belief in our vision, technology and professional team. We are only at the beginning of our journey and we are certain that the current capital raising will greatly contribute to the development of the company and allow the presentation of many innovations in the future.”
Co-founder and chief scientist Professor Oded Shosayev added that their technology boasts the advantages of enabling “individually adapted food, the cutting of food manufacturing costs, and the reduction of greenhouse gas emissions.”
We are certain that the current capital raising will greatly contribute to the development of the company and allow the presentation of many innovations in the future.Racheli Vizman, Co-Founder & CEO, SavorEat
As part of its scale-up plans, the company has already signed an agreement with the Israeli restaurant group Burgus Burger Bar (BBB Group), which will involve installing the systems across the chain’s kitchens as part of its pilot development. It represents the first trial project of its kind in Israel, which the company will use to gain consumer and marketing insights.
The process will involve customers ordering their meals via an app, personalising it according to their taste preferences, before it is printed and cooked by the machine in a process that takes just 6 minutes.
While SavorEat is the first 3D-printed plant-based firm to list on the TASE, it is joined by Ness Ziona-based Meat-Tech 3D, a developer of 3D-bioprinted cell-based meat. The company, which is currently the world’s only public cell-based meat startup to date, has recently secured a US$7 million funding round and revealed it has submitted a registration statement to potentially launch its IPO on the U.S. Nasdaq stock market.
All images courtesy of SavorEat.