The capital injection comes at a time when MeaTech seeks to acquire Belgian cultured fat producer Peace of Meat
Israeli foodtech start-up MeaTech has closed a $7 million funding round. The publicly-traded company is developing industrial-scale cultivated meat production technologies based on advanced 3D bioprinting. The round was led by institutional investors Psagot alongside Mor investment house and private investors.
“We thank our investors for their confidence in the company’s activities and vision,” said Sharon Fima, MeaTech chief executive. “The investment round enables us to progress the recently announced Peace Of Meat acquisition, strengthening an important part of our R&D and opening up new markets such as that for hybrid products.”
NutritionInvestor reported in September that MeaTech intended to acquire Peace of Meat – it agreed to pay $17.5 million for the company.
Based in Belgium, Peace of Meat develops cultured fat products, and MeaTech made an initial €1 million investment in it last month. With this investment, the company is expanding its strategy of developing scalable cell-based agriculture technologies.
Gat Megiddo, vice president of investments at Psagot, said: “Meat-Tech has made impressive progress with its development pipeline, in addition to the strategic acquisition that the company is working to complete. The acquisition promotes a foothold in the global protein alternatives market which is showing great momentum.”
She added: “Meat-Tech aligns with its investment strategy focusing on high impact companies. Companies which we believe have great economic potential, as well as a potentially huge contribution to the environment.”
MeaTech is headquartered in Ness Ziona, about a 29-minute drive south Tel Aviv. Shares of Meat-Tech are traded in the Tel Aviv stock exchange, and also on Nasdaq.
Date published: 3 November 2020