Israeli food technology start-up Remilk, a developer of animal-free dairy products through microbial fermentation, has secured $ 120 million in funding, the company said last week.
The Series B funding round was led by New York-based Hanaco Ventures.
In addition to Hanaco Ventures, the round includes investments from Precision Capital, Rage Capital, CPT Capital, Intercap, OurCrowd, Aliya Capital, Chartered Group, Indorama Ventures, Tal Ventures, Fresh Fund, Idan and Gil Ofer, Izaki Ventures and Paradigm Shift Fonds.
Remilk pioneered an evolutionary yeast-based fermentation process that produces animal-free milk protein whose taste and function is indistinguishable from cow’s milk protein, but without lactose, cholesterol and growth hormones. The patented process is said to have significantly reduced the environmental impact. Remilk estimates that its process uses 1% of the land, 4% of the greenhouse gas emissions and 5% of the water needed to produce products comparable to the traditional dairy manufacturing process.
The company said the funding “establishes Remilk as a leading player in the emerging cultured dairy category” and allows it to immediately increase the production of its dairy-like milk proteins for commercial use by product manufacturers. made from traditional dairy products, including cheeses, yogurts. , and ice cream.
It comes at a pivotal stage for the promising category and will accelerate the company’s manufacturing capabilities, unlocking its ability to market Remilk on a large scale to meet the needs of food manufacturers. The company plans to have products containing Remilk on the market later this year.
“It is essential for the future of our planet that we free the food chain from dependence on animals. We do this by making real dairy products that taste and feel the same, minus the cow, ”said Aviv Wolff, CEO and co-founder of Remilk. “Our mission is bold, and the support of these experienced and trusted investors demonstrates Remilk’s power to respond to the present moment. This funding propels us on our way to transform the dairy category into one that delivers delicious and nutritious products without harming people, the planet or animals. We are already engaging with dozens of companies, including some of the world’s most popular brands, to jointly recreate the future of dairy.
The article was originally published by No camels, a leading information website covering Israel’s groundbreaking innovation for a global audience.