Israel-based dairy substitute producer Remilk closed an $11.3m funding round yesterday that included packaged food providers Hochland, Tnuva and Tempo.
Venture capital fund Fresh.fund led the round, which was also backed by OurCrowd, CPT Capital, ProVeg and private investors including Bradley Bloom, Sake Bosch, Amiad Solomon and Beni Nofech.
Remilk uses microbial fermentation to produce dairy proteins it claims are identical to the real thing, so they can be used as the basis for vegan dairy products. The cash will go to expanding its manufacturing and distribution resources.
Aviv Wolff, Remilk’s co-founder and CEO, said: “Our proprietary technology delivers the most authentic animal-free dairy product in the market today and is identical to natural dairy. With our new partnerships for production and distribution, we will soon be ready to reinvent this multibillion-dollar industry.”