Redefine Meat, an Israeli alternative meat startup, has raised US$29 million in a Series A funding round with an aim to launch its products in Europe, Asia and North America.
The funding round was led by two venture capital firms—New York- and Tel Aviv-based Hanaco Ventures, and Hong Kong-based Happiness Capital.
Existing backer CPT Capital as well as investment firms K3 Ventures, Losa Group and Sake Bosch also took part in the round, Redefine Meat said in a statement.
The startup joins Israeli peer Future Meat and American companies Beyond Meat and Impossible Foods Inc. in raising funding as demand rises for alternative meat products—either plant-based or lab-grown.
Redefine Meat has patented industrial-scale digital manufacturing technology that can produce plant-based products that feel and taste like meat.
The startup was founded in 2018. It raised a $6 million seed round from CPT, Hanaco and the PHW Group, Germany’s largest poultry company, in September 2019.
The company used the seed money to develop its alternative meat 3D printer. It will pump the fresh capital into a production facility for these devices, to commercially launch its products and grow its international business.
Hanaco was founded in 2017 and mainly invests in Israeli startups. It has more than 30 companies in its portfolio. These include companies such as Infarm, SeeTree, AmWell, Yotpo, Namogoo, Moovit and Via.
Happiness Capital’s investment portfolio covers seed to growth-stage companies in the US, Europe, Israel, and China.