The Israeli plant-based company enters the Tel Aviv Stock Exchange following $13 million IPO
By Murielle Gonzalez
SavorEat, the 3D-printed food start-up based in Israel, has raised 42.6 million Israeli new shekel (approximately $13 million) from its initial public offering. The foodtech business is now listed on the Tel Aviv Stock Exchange with shares trading under the ticker SVRT. The company attracted investors at a valuation of 170 million Israeli new shekel ($50 million).
Based in Ness Ziona in central Israel, SavorEat was founded in 2018 by serial biotech entrepreneur Racheli Vizman, SavorEat’s chief executive, Ido Braslavsky and Oded Shoseyov, a professor at the Hebrew University of Jerusalem and inventor of the technology. Shoseyov is SavorEat’s scientific director.
“We believe that SavorEat brings genuine good news to the meat alternatives market through the unique technology that we are developing,” said Vizman. “We are grateful to our investors who have shown belief in our vision, technology and professional team. We are only at the beginning of our journey, and we are certain that the current capital raising will greatly contribute to the development of the company and allow the presentation of many innovations in the future.”
SavorEat has filed for patents in several countries, including the US and Australia, for its 3D food printing manufacturing method.
The company’s first product in the pipeline is a plant-based hamburger; however, SavorEat believes its technology should allow the potential for other sustainable products.
SavorEat has teamed up with hamburger chain BBB chain, which includes product development consultancy and the installation of the 3D-printing systems in the chain’s kitchens. The partnership represents the first pilot project of its kind in Israel.
Date published: 26 November 2020