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Redefine Meat, the Israeli food tech developing 3D printed alternative proteins, has bagged US$29 million in its Series A financing from a group of international investors. Proceeds from the round will go towards expanding the firm’s alternative meat portfolio and fuel its commercial launch in several international markets planned for 2021.
Redefine Meat has raised US$29 million in its Series A funding round, the company announced on Tuesday (February 16). The financing was led by Hong Kong-headquartered Happiness Capital, the venture capital arm of the Asian food giant Lee Kum Kee Group, and Hanaco Ventures, a New York and Tel Aviv-based fund specialising in Israeli startups. Alternative protein investor CPT Capital, Losa Group, Sake Bosch and K3 Ventures also joined the round.
The Rehovot-based startup says that the proceeds from its Series A will go towards expanding its line of alternative proteins, as well as support its commercial launch on the heels of its soon-to-be completed large-scale production facility housing its 3D Alt-Meat printers. Redefine Meat, who debuted its 3D-printed animal-free steaks last year, says plans are underway to launch its products firstly in Europe, followed by Asia and North America.
We want to change the belief that delicious meat can only come from animals, and we have all the building blocks in place to make this a reality.Eshchar Ben-Shitrit, CEO & Co-Founder, Redefine Meat
“We are thrilled to have concluded this round of funding with such a unique and diverse group of highly experienced, professional investors who share our vision,” said Eshchar Ben-Shitrit, CEO and co-founder of Redefine Meat, whose patented 3D printing technology that digitally maps over 70 sensorial parameters into each animal-free analogue was developed alongside food scientists, butchers, chefs and food ingredient specialist Givaudan.
“We want to change the belief that delicious meat can only come from animals, and we have all the building blocks in place to make this a reality: high-quality meat products, strategic partnerships with stakeholders across the world, a large-scale pilot line under construction, and the first-ever industrial 3D Alt-Meat printers set to be deployed within meat distributors later this year,” added Ben-Shitrit.
So far, the firm has entered into a strategic partnership with Israeli meat distributor Best Meister to begin rolling out its alternative proteins, which came on the back of its taste test that impressively drew in a 90% acceptance rate amongst meat eaters.
Commenting on the decision to back Redefine Meat, Eric Ng, CEO of Happiness Capital described the Israeli firm’s “disruptive technology” as a “unique solution that appeals to meat-eaters with tasty and sustainable food”.
“With technology that is ready for production, and strong strategic partners, Redefine Meat is poised to deliver high-quality meat alternatives that can make a meaningful impact on global meat consumption,” Ng continued.
With technology that is ready for production, and strong strategic partners, Redefine Meat is poised to deliver high-quality meat alternatives that can make a meaningful impact on global meat consumption.Eric Ng, CEO, Happiness Capital
Pasha Romanovski, founding partner of Hanaco Ventures, pointed to the company’s demonstrable growth over the past year despite the challenges brought about by the coronavirus pandemic.
“The speed at which the company has progressed has been incredible…Our investment in Redefine Meat gives us first-hand access to amazing state-of-the-art meat dishes that will have a profound impact on meat-eating and the environment,” said Romanovski.
While there are a number of other alternative protein startups tapping 3D printing technology, such as fellow Israeli food tech Meat-Tech 3D who are focused on cell-based proteins, Vienna-based vegan 3D printed fish startup Legendary Vish and Barcelona’s Novameat, who recently 3D printed its first cultivated steak prototype, Ben-Shitrit believes that Redefine Meat could be among the leading players, if not the leading player in the industry.
“This funding…was concluded faster and better than we could have imagined a year ago,” the co-founder said. “[It] is a major step towards becoming the world’s biggest alternative meat company by 2030.”
All images courtesy of Redefine Meat.