Redefine Meat Raises $29m To Finance Rollout Of 3D-Printed Meat Substitute
Israeli start-up Redefine Meat has said that it is planning to launch its 3D-printed meat substitutes globally after raising $29 million in a funding round led by venture capital firms Happiness Capital and Hanaco Ventures.
Redefine Meat has developed technology to produce plant-based meat substitutes on 3D printers. The investment will let it set up a large-scale pilot line before rolling out industrial 3D meat substitute printers to distributors later this year, it said in a statement.
Plant-based meat alternatives are growing fast as consumers look to reduce their meat intake to help their health, animal welfare and the environment.
Beyond Meat and Nestle have launched plant-based burgers and sausages relying on other technologies, while 3D meat printing companies such as Redefine Meat and Spain's Novameat try to tackle the biggest challenge yet: creating a beef steak made from plants.
CPT Capital, which was an early supporter of Redefine Meat, and new investors including Losa Group, Sake Bosch, and K3 Ventures also joined the A-series funding round, Redefine Meat said.
A "Major Step"
Redefine Meat co-founder and chief executive Eshchar Ben-Shitrit said that this is a "major step" for the company, which intends to partner with meat distributors around the world to get products to customers.
It teamed up with Israeli meat distributor Best Meister last month for distribution to restaurants and butchers in Israel. It plans to enter Europe, starting with Germany and Switzerland, in the coming months, followed by Asia and North America later this year.