Home Business Israeli milk alternatives startup Imagindairy raises $15m

Israeli milk alternatives startup Imagindairy raises $15m

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Israeli startup Imagindairy, which uses fermentation technology to develop animal-free milk protein, raised $ 15 million in an extended seed round, raised $ 13 million last November, and then raised it in a round. Announced that the total amount will be $ 28 million. Imagindairy began in the laboratory of Professor Tamir Tuller and Dr. Eyal Afergan at Tel Aviv University. The aim is to cultivate microorganisms and use them to produce new milk that has the same taste, color and consistency as milk without damaging the environment. Negative health value. The ultimate goal is for the company’s products to be used in the dairy industry as an alternative to animal protein.

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The current round is led by Target Global and is attended by the company’s existing investors Strauss Group, Emerald Technology Ventures, Green Circle Foodtech Ventures, Collaborative Fund, New Climate Ventures and Peak Bridge’s Food Sparks. According to the company, the proceeds will be used to “accelerate the company’s research and development of launching genuine dairy products without the use of animals, and will also help attract more talent to the expanding workforce. Probably. ” He added that he is working intensively with food manufacturers on new product development.

The company is currently in the process of increasing production capacity and plans to launch its first product in 2023. The current investment states that the company is striving for commercial production and “helps to completely change existing rules.” This game, where the world’s dairy industry, which exceeds hundreds of billions of dollars a year, causes enormous environmental damage to the earth. Our solutions open up a world of new possibilities based on high-performance, high-quality proteins. “

The alternative milk market has grown steadily in recent years, with annual sales of 426 million NIS in Israel, accounting for 16% of the milk market. The milk alternative market is led by Tnuva, which has a 57% market share.

The Strauss Group’s investment in Imagindairy is part of an effort to become more powerful in the milk alternative space. Last year, the company announced that it would build a factory in Ahihud, West Galilee, to produce milk for the European giant Alpro, which Strauss sells in Israel.

Imagindairy focuses on raw materials for the non-animal-based cheese industry, which have not been as developed as milk alternatives so far. A similar Israeli start-up in this area is Remilk, which has recently raised $ 120 million and plans to open a factory in Denmark to produce milk protein. There is also a US startup called Perfect Day. It is the only startup in the world that has ever succeeded in reaching the market with an alternative milk protein produced by fermentation. Israel is considered the world leader in fermentation. According to the Institute’s GFI, Israeli start-ups in this area raised more money in 2022 than any other country except the United States.

Published on May 19, 2022 by Globes (en.globes.co.il), Israeli business news.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


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