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Thursday, May 30, 2024

Redefine Meat Raises $29 Mn, To Use It For Commercial Launch of 3D Printed Meat

Redefine Meat, the Israel-based 3D printed meat startup, has announced that it has completed a $29 million series A funding round. With this fresh investment, the company has raised a total of $35 million till date. The investment round was led by Happiness Capital and Hanaco Ventures, who were joined by CPT Capital, an alternative protein investor and early supporter of Redefine Meat, as well as other international investors including Losa Group, Sake Bosch, and K3 Ventures.

Redefine Meat, founded in 2018 by Eshchar Ben-Shitrit and Adam Lahav, produces 3D-printed animal-free meat substitutes. According to Ben, the company is on track to become the world’s biggest alternative meat company by 2030. The new capital will be used to expand the company’s meat portfolio and support its commercial launch and international growth in 2021. Its large-scale production facility for industrial 3D alt-meat printers is also set for completion later this year.

“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.”

Redefine Meat has developed patent-pending technology that replicates the texture, flavour, and eating experience of beef and other high-value meat products. The company uses plant-based ingredients and technology to produce meat. In July last year, the company introduced world’s first Alt-Steak using 3D printing technology.

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.”

Redefine Meat had recently formed a strategic partnership with Best Meister to set up a carnivore-branded food truck in a suburb of Tel-Aviv, with up to 200 blind tastings in two days. The company said that, on revelation that the meat products were plant-based, consumer feedback was overwhelmingly positive in terms of taste, texture, and mouthfeel – with over 90% acceptance rate.

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