Israeli food tech startup Remilk, a developer of animal-free dairy products through microbial fermentation, has raised $ 120 million in funding, the company announced last week.
The Series B funding round was led by New York-based Hanaco Ventures.
In addition to Hanaco Ventures, the round includes investments from Precision Capital, Rage Capital, CPT Capital, Intercap, OurCrowd, Aliya Capital, Chartered Group, Indorama Ventures, Tal Ventures, Fresh Fund, Idan and Gil Ofer, Izaki Ventures and Paradigm Shift Fondo.
Remilk has pioneered a scalable yeast-based fermentation process that produces non-animal-based milk proteins that are indistinguishable in taste and function from cow’s milk proteins, but free of lactose, cholesterol, and growth hormones. The patented process is said to have dramatically reduced environmental impact. Remilk estimates that its process uses one percent of the land, 4 percent of GHG emissions, and 5 percent of the water required to produce comparable products in the traditional dairy manufacturing process.
The company said the funding “establishes Remilk as a leading player in the emerging cultured dairy category” and allows it to immediately scale the production of its dairy-identical protein for commercial use by manufacturers in traditionally-based products. dairy, including cheese, yogurt, and ice cream.
It arrives at a critical stage for the promising category and will accelerate the company’s manufacturing capabilities, unlocking its ability to market Remilk at scale to meet the needs of food manufacturers. The company plans to have products with Remilk on the market later this year.
“It is essential for the future of our planet that we free the food chain from dependence on animals. We do this by making real dairy products that taste and feel the same, minus the cow, “said Aviv Wolff, CEO and co-founder of Remilk,” Our mission is bold and the support of these trusted and experienced investors demonstrates the power of Remilk to know. the moment. This funding propels us on our journey to transform the dairy category into one that offers delicious and nutritious products without harming people, the planet, or animals. We are already collaborating with dozens of companies, including some of the world’s most popular brands, to recreate the future of dairy together. ”