Israel-based meat substitute producer Redefine Meat raised $29m in a series A round co-led by Happiness Capital, an investment subsidiary of food company Lee Kum Kee Products, yesterday.
Hanaco Ventures co-led the round, which was backed by K3 Ventures, CPT Capital, Losa Group and individual investor Sake Bosch.
Founded in 2018, Redefine Meat uses 3D printing technology to produce plant-based artificial meat designed to replicate the texture and flavour of meat derived from animals.
The company claims that its products are 95% more sustainable than beef.
Redefine Meat will use the series A capital to support its commercial launch, expand its portfolio of products and for geographic expansion.
The company is set to complete a large-scale production facility later this year and secured its first strategic agreement with meat distributor Best Meister last month.
Eshchar Ben-Shitrit, CEO and co-founder of Redefine Meat, said: “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.”
CPT Capital led a $6m seed round for the company in September 2019, featuring poultry product provider PHW Group, Hanaco Ventures and undisclosed angel investors.