Alt Protein Company 'Redefine Meat' Creates Plant-Based Meat Using 3D Printers, Acquires $29M

As the alternative protein sector is gaining traction due to environmental, health, and ethical concerns, food technology innovators are introducing unique ways of producing alt meats, grabbing the attention of international investors.

In another such case, Israeli alternative protein company Redefine Meat has accumulated $29 million, closing up its A-series funding round led by Happiness Capital and Hanaco Ventures. Other investors such as CPT Capital, Losa Group, Sake Bosch, and K3 Ventures were also a part of this series.

Founded in 2018, Redefine Meat specializes in creating high-quality plant-based meats using an innovative food technology – 3D printers. These plant-based meats are not only 95% more sustainable than factory farmed meat, but are also healthier and cheaper.

"We are thrilled to have concluded this round of funding with such a unique and diverse group of highly experienced, professional investors who share our vision. This funding, which was concluded faster and better than we could have imagined a year ago, is a major step towards becoming the world's biggest alternative meat company by 2030," shares CEO and co-founder Eshchar Ben-Shitrit.

The brand uses plant-based ingredients and a digital manufacturing process to tackle issues such as sustainability in the food production system. Redefine Meat's target is to suit the preferences of the average meat eater by imitating the taste and texture of animal meat. Their product gathered a 90% acceptance rate among meat eaters in the world's largest blind-tasting of alternative meat.

The company's funding will be applied to expanding their portfolio, setting up a large-scale manufacturing unit, along with a commercial product launch in Europe as well as Asia and North America.

"Hanaco Ventures has been an investor in Redefine Meat since its seed round in 2019. The speed at which the company has progressed has been incredible. We have been very fortunate to work closely with Redefine Meat during 2020 and have watched the company rapidly grow from 8 people to more than 40, despite the challenges of COVID-19. Our investment in Redefine Meat gives us first-hand access to amazing state-of-the-art meat dishes that will have a profound impact on meat-eating and the environment," expresses Pasha Romanovski, Founding Partner of Hanaco Ventures.

Redefine Meat has teamed up with Best Meister, one of Israel's top premium meat distributors. The company will introduce its products in the global market in 2021.

"We look to find disruptive technology and ambitious leadership teams in industries that can bring real happiness to people and make the world a better place. The fast-growing alternative meat sector is one such industry, but there is currently a gap in its ability to meet the needs of people who still want to eat traditional meat. Redefine Meat offers a unique solution that appeals to meat-eaters with tasty and sustainable food. With technology that is ready for production, and strong strategic partners, Redefine Meat is poised to deliver high-quality meat alternatives that can make a meaningful impact on global meat consumption," says Eric Ng, CEO of Happiness Capital.

Image Courtesy: Redefine Meat