Israel’s Redefine Meat Ltd has raised $29 million to build a large-scale pilot factory and begin sales of its 3-D printed facsimiles of beef cuts this year, according to Bloomberg. The funding reflects the booming faux meat market in recent years as consumers move from animal to alternative-protein sources.
- The shift in consumer preferences follows environmental and health concerns of animal protein products, opening up opportunities for alternative protein products.
- Redefine’s funding is “a major step toward becoming the world’s biggest alternative meat company by 2030”-Ben Shitrit, CEO.
- The new market opportunity in alternative protein has attracted venture capital investors and food giants such as Nestle SA and McDonald’s Corp.
- Despite the rising demand for alternative protein, more needs to be done to improve the taste and lower prices to compete with conventional meat.
Redefine financing round, led by Happiness Capital and Hanaco Ventures, is the highest Series-A funding for any alternative protein startup.
