Israel: Imagindairy raises $15 million in Seed extension round

New funds brings total investment capital raised by precision fermentation start-up to $28 million

Tel Aviv-based precision fermentation start-up Imagindairy, has secured $15 million via an extension of its Seed round, led by Target Global. Existing investors Strauss Group, Emerald Technology Ventures, Green Circle Foodtech Ventures, Collaborative Fund, New Climate Ventures and FoodSparks by PeakBridge also joined the round.

The new funds have brought Imagindairy’s total investment capital to $28 million, including the initial $13 million it raised last November.

Imagindairy has developed animal-free milk proteins via proprietary precision fermentation technology, to produce a broad spectrum of dairy analogues, from raw milk to cheese.

The start-up will use the funds raised to accelerate R&D efforts as it seeks to go to market with its technology. Elsewhere, the firm will also increase headcount internally.

In June last year, Imagindairy founder Eyal Afergan told NutritionInvestor: “We are increasing the team’s size and we are looking to get into more meat proteins. Of course, the most important thing for us is time to market for our first product.”

Afergan said of the latest round : “This extremely successful seed round reflects a strong vote of confidence in Imagindairy and its vision to lead the animal-free dairy industry. This substantial injection of capital will serve to advance our ability to make true dairy alternative products a day-to-day reality.”

Shmuel Chafets, founder and executive chairman of Target Global, added: “We are excited to be able to back the Imagindairy team who have made incredible inroads in creating dairy products that don’t rely on industrialised animal agriculture but offer the same level of functionality and nutrition.”

Jonathan Berger, chief executive of The Kitchen FoodTech Hub, commented: “It is exciting to cooperate with such an ambitious and creative company like Imagindairy in pioneering the new generation of dairy products. Imagindairy’s technology has the potential to be a pivotal catalyst for radically advancing the field of precision fermentation, making animal-free dairy products accessible and readily available to all.”