Redefine Meat raises $29 million to support the commercial launch of its 3D printed meat substitute
CEO says the company is on track to become the world's biggest alternative meat company by 2030
Israeli startup Redefine Meat Ltd., which produces 3D-printed animal-free meat substitutes, announced on Tuesday that it completed a $29 million series A funding round. The investment round was led by Happiness Capital and Hanaco Ventures, who were joined by CPT Capital, a leading alternative protein investor and early supporter of Redefine Meat, as well as other notable new international investors including Losa Group, Sake Bosch, and K3 Ventures. To date, the Israeli company, which was founded in 2018 by Eshchar Ben-Shitrit and Adam Lahav, has raised a total of $35 million."We look to find disruptive technology and ambitious leadership teams in industries that can bring real happiness to people and make the world a better place. The fast-growing alternative meat sector is one such industry, but there is currently a gap in its ability to meet the needs of people who still want to eat traditional meat. Redefine Meat offers a unique solution that appeals to meat-eaters with tasty and sustainable food,” Eric Ng, CEO of Happiness Capital, added.
The new capital will be used to expand the company's meat portfolio and support its commercial launch and international growth in 2021, on the back of the slated completion of a large-scale production facility for Redefine Meat's industrial 3D Alt-Meat printers set for later this year.
Redefine Meat has developed patent-pending technology that replicates the texture, flavor, and eating experience of beef and other high-value meat products. The company uses plant-based ingredients and technology as opposed to animals, allowing for a more efficient, sustainable, and ethical way to produce meat without compromising on the experience. In July, the company unveiled what it’s calling the world’s first Alt-Steak.
Redefine Meat co-founders Eshchar Ben-Shitrit (right (right) and Adam Lahav. Photo: Avi Mualem
"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," Ben-Shitrit, who serves as the company’s CEO said. "This funding, which was concluded faster and better than we could have imagined a year ago, is a major step towards becoming the world's biggest alternative meat company by 2030."
"Hanaco Ventures has been an investor in Redefine Meat since its seed round in 2019. The speed at which the company has progressed has been incredible. We have been very fortunate to work closely with Redefine Meat during 2020 and have watched the company rapidly grow from eight people to more than 40, despite the challenges of Covid-19,” Pasha Romanovski, Founding Partner of Hanaco Ventures, said. “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."
Last month, Redefine Meat announced its first strategic agreement with premium-quality Israeli meat distributor, Best Meister, following the success of the world's largest blind-tasting of alternative meat co-organized by the two companies, which demonstrated a 90% acceptance rate amongst meat-eaters.
"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,” Ben-Shitrit added.