Israeli plant-based meat alternative startup SavorEat will receive USD 3 million with an option for an additional USD 1 million from investment houses Mor and Meitav Dash, which said they were entering the foodtech sector, according to Globes.
The investment is at a company valuation of USD 25 million and will be conducted in two stages in accordance with the company’s milestones. The first USD 1 million will be invested immediately at a valuation of USD 13 million, and then an additional USD 2 million will be invested at a valuation of up to USD 35 million, according to the report.
The financing round was led by Ori Mor of the Mor Langermann investment bank.
Founded in 2018, SavorEat is developing a processing method to create plant-based products for use as meat substitutes. The company’s solution combines 3D printing technology and nutritious plant-based ingredients, enabling the creation of a variety of appetizing products that can be cooked, grilled, or baked. SavorEat was founded by CEO Racheli Vizman, chief scientist Oded Shoseyov, and Ido Braslevsky. The technology was developed at the Hebrew University’s Faculty of Agriculture and has received an exclusive commercialization license from the Hebrew University’s Yissum technology transfer company.
“We believe that only a quality and healthy alternative to meat will succeed in leading the wishes for change of reducing meat consumption. Through the last financing round, we will work to realize this outlook and bring unique technology to the market that can lead the foodtech market,” SavorEat CEO Racheli Vizman said. “The fact that significant institutions in the capital market have expressed confidence in us makes us very happy, and we believe that they will see justification in their investment in the not very long-term.”
“The unique technology that we have developed will be the next thing in the meat alternatives market. The technology not only simulates taste but also the unique colors and smells of meat, as well as the unique texture and experience of eating meat, and that is without foregoing the nutritional composition of the serving. This is a leap forward compared with the conventional methods of manufacturing with most companies currently producing the same texture,” she said.
This article first appeared in NoCamels, which covers innovations from Israel for a global audience.