The 3D-printed steak producer gets cash injection and gears up for global launch
Rehovot-based alternative meat start-up Redefine Meat has raised $29 million in a Series A funding round led by Happiness Capital and Hanaco Ventures, with participation from existing investor CPT Capital, Losa Group, Sake Bosch, and K3 Ventures.
Redefine Meat said it will use the funding to expand its meat portfolio and support its commercial launch and international growth following completion of a large production facility for the company’s industrial 3D alt-meat printers later this year.
Eshchar Ben-Shitrit, co-founder and chief executive of Redefine Meat, said: “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. 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.”
Eric Ng, chief executive of Happiness Capital, added: “We look to find disruptive technology and ambitious leadership teams in industries that can bring real happiness to people and make the world a better place. The fast-growing alternative meat sector is one such industry, but there’s currently a gap in its ability to meet the needs of people who still want to eat traditional meat. Redefine Meat offers a unique solution that appeals to meat-eaters with tasty and sustainable food. With technology that is ready for production, and strong strategic partners, Redefine Meat is poised to deliver high-quality meat alternatives that can make a meaningful impact on global meat consumption.”
Pasha Romanovski, founding partner of Hanaco Ventures, commented: “Hanaco Ventures has been an investor in Redefine Meat since its seed round in 2019. The speed at which the company has progressed has been incredible. We have been very fortunate to work closely with Redefine Meat during 2020 and have watched the company rapidly grow from eight people to more than 40, despite the challenges of Covid-19. Our investment in Redefine Meat gives us first-hand access to amazing state-of-the-art meat dishes that will have a profound impact on meat-eating and the environment.”
Date published: 16 February 2021