3D-printed steaks producer Redefine Meat Ltd. has raised US$29mln in an A-series funding round to expand its menu offering and support this year’s commercial launch.
The Israeli startup, founded in 2018, is planning to expand internationally once it will complete a large-scale production facility later this year.
Its patented technology creates what it defines as “craveable” animal-free meat using industrial 3D printers.
The company relies on plant-based ingredients and technology instead of animals, so it claims that its alt-meat is 95% more sustainable, significantly healthier and cheaper than beef.
The founding round was led by Happiness Capital and Hanaco Ventures joined by CPT Capital, an alternative protein investor and early supporter of Redefine Meat.
It comes as Microsoft co-founder and philanthropist Bill Gates urged rich nations to only consume alternative meat to help with the climate emergency.
“I don’t think the poorest 80 countries will be eating synthetic beef. I do think all rich countries should move to 100% synthetic beef,” he told the MIT Technology Review magazine.
Cattle and other ruminants are major producers of greenhouse gas methane, which is a driver of global warming in the long term.
“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, chief executive and co-founder of Redefine Meat.
“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.”
Plant-based protein is gaining more and more ground with consumers. According to ING Economics, the plant-based alternatives market in the EU and the UK will be worth EUR7.5bn (GBP6.6bn) by 2025, compared to EUR4.4bn (GBP3.9bn) in 2019.
–Adds Bill Gates quote–