Israeli alternative meats startup Redefine Meat announced that it has raised US$29 million in a series A round led by Happiness Capital and Hanaco Ventures.
Existing investor CPT Capital, as well as new investors such as Losa Group, Sake Bosch, and K3 Ventures, also joined the round.
Founded in 2018, Redefine Meat produces plant-based meat replacements that replicates the texture, flavor, and eating experience of beef and other meat products.
The capital injection will be put into its large-scale production facility for its industrial 3D alternative meat printers later this year. The startup will also expand its meat portfolio and support its commercial launch and international growth in 2021, said the firm in a statement.
Last month, Redefine Meat formed a strategic partnership with meat distributor Best Meister, who will distribute the Israeli company’s alternative meat products commercially to the country’s restaurants and butchers in the first half of 2021.
In September 2019, the firm raised US$6 million in a seed round led by CPT Capital. It currently consists of a team of more than 40 people.
The plant-based meat market is expected to hit US$8.3 billion by 2025, growing by a compound annual growth rate of 14% from US$4.3 billion in 2020, according to MarketsandMarkets. Major players in the space include US-based Beyond Meat and Temasek Holdings-backed Impossible Foods.
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