ZURICH (Reuters) – Israeli-based Redefine Meat plans to launch 3D-printed meat substitutes worldwide after raising $ 29 million in its funding round led by venture capital firms Happiness Capital and Hanaco Ventures, it said Tuesday.
Redefine Meat has developed technology to make plant-based meat substitutes on 3D printers. The investment will allow it to set up a large pilot line before 3D meat substitute printers are released to distributors later this year, it said in a statement.
Plant-based meat choices are growing rapidly as consumers try to reduce their meat intake to help their health, animal welfare and the environment.
Beyond Meat and Nestle have relied on plant-based burgers and sausages on other technologies, and 3D meat printing companies like Redefine Meat or Novameat in Spain are trying to tackle the biggest challenge yet: creating beef steak made from plants.
CPT Capital, an early sponsor of Redefine Meat, and new investors including Losa Group, Sake Bosch, and K3 Ventures also joined the A-series funding round, Redefine Meat said.
Co-founder and CEO Eshchar Ben-Shitrit said this was a “huge step” for the company which plans to partner with meat distributors around the world to deliver products to customers.
He joined Israeli meat distributor Best Meister last month for distribution to restaurants and butchers in Israel. They plan to enter Europe, starting with Germany and Switzerland, in the coming months, and then Asia and North America later this year.
Reciting with Silke Koltrowitz; Edited by Jan Harvey