The Israeli startup Redefine Meat, which has developed a producing course of to make plant-based proteins that extra carefully resemble alternative cuts of beef than the present crop of hamburger-adjacent choices, has gotten an enormous vote of confidence from the funding arm of one in every of Asia’s premier meals manufacturers.
The corporate has raised $29 million in financing from Happiness Capital, the funding arm backed by the household fortunes of Hong Kong’s Lee Kum Kee condiment dynasty, and Hanaco Ventures, an funding agency backing startups in New York and Israel.
Traders have stampeded into the plant-based meals business, spurred by the rising fortunes of firms like Past Meat, which has inked partnerships with everybody from Pepsico to McDonald’s, and Unattainable Meals, which counts Burger King among the many manufacturers boosting its plant-based fake meat.
Whereas these firms have perfected plant patties that may delight the style buds, the prospect of carving up an enormous honkin lower of pea protein within the type of a ribeye, sirloin or rump steak, has been a technical hurdle these firms have but to beat in a industrial providing.
Redefine Meat thinks its manufacturing processes have cracked the code on the formulation of plant-based steak.
They’re not the one ones. In Barcelona, a startup referred to as Novameat raised roughly $300,000 earlier this 12 months for its personal tackle plant-based steak. That firm raised its cash from the NEOTEC Program of the Spanish Middle for Industrial Technological Improvement.
Each firms are utilizing 3-D printing applied sciences to make meat substitutes that mimic the style and texture of steaks, relatively than attempting to approximate the patties, meatballs, and floor meat that firms like Past Meat and Unattainable have taken to market.
Backing Redefine’s path to market are a bunch of different buyers together with Losa Group, Sake Bosch, and K3 Ventures.
The corporate stated it might use the brand new funding to broaden its portfolio and help the industrial launch of its merchandise. Redefine goals to have a large-scale manufacturing facility for its 3-D printers on-line earlier than the top of the 12 months, the corporate stated in an announcement.
In January, Redefine Meat introduced a strategic settlement with the Israeli distributor Greatest Meister and the corporate has been increasing its workers with a present headcount of roughly 40 workers.
“We wish to change the idea that scrumptious meat can solely come from animals, and we’ve all of the constructing blocks in place to make this a actuality: high-quality meat merchandise, strategic partnerships with stakeholders internationally, a large-scale pilot line below development, and the first-ever industrial 3D Alt-Meat printers set to be deployed inside meat distributors later this 12 months,” stated Eschar Ben-Shitrit, the corporate’s chief govt, in an announcement.