Leading Israeli tech website NoCamels.com is reporting that Israeli plant-based meat alternative startup SavorEat will receive $3 million with an option for an additional investment of $1 million. The investment is led by investment houses Mor and Meitav Dash, which announced they were entering the food tech sector. Several other Israeli companies are working on meat substitutes of various kinds, often leveraging 3D printing as the ideal assembly method for the cellular culture derived products.
The funding considers a company valuation of $25 million and will be conducted in two stages in accordance with the company’s milestones. The first $1 million will be invested immediately at a valuation fo $13 million and then an additional $2 million will be invested at a valuation of up to $35 million, according to the report. The financing round was led by Ori Mor of the Mor Langermann investment bank.
SavorEat develops a new generation of meat alternative products that recreate the unique experience, taste and texture of meat in a convenient way and without animals. The product is a combination of proprietary 3D printing technology, an automatic cooking machine and unique plant-based ingredients that allow the creation of a variety of textures and designs that characterize meat.
In addition, the SavorEat solution offers a number of benefits over traditional manufacturing processes, including the ability to cook or grill the product simultaneously with the printing process and the ability to personalize the dish to fit the consumer’s specific diet, lifestyle or medical condition.
SavorEat was founded by CEO Racheli Vizman, Chief Scientist Prof. Oded Shoseyov, and Prof. Ido Braslevsky. The technology was developed at the Hebrew University’s Faculty of Agriculture and has received an exclusive commercialization license from the Hebrew University’s Yissum technology transfer company.
“We believe that only quality and healthy alternative to meat will succeed in leading the wished-for change of reducing meat consumption. Through the last financing round, we will work to realize this outlook and bring unique technology to the market that can lead the food tech market,” SavorEat CEO Racheli Vizman said, “The fact that significant institutions in the capital market have expressed confidence in us makes us very happy, and we believe that they will see the justification in their investment in the not very long-term.”
“The unique technology that we have developed will be the next thing in the meat alternatives market. The technology not only simulates taste but also the unique colors, and smells of meat as well as the unique texture and experience of eating meat, and that is without foregoing the nutritional composition of the serving. This is a leap forward compared with the conventional methods of manufacturing with most companies currently producing the same texture,” she said.