Israel’s Redefine Meat nabs $135 mn; Sayata tops up Series A

 Israel’s Redefine Meat nabs $135 mn; Sayata tops up Series A

Israeli plant-based 3D printed meat company Redefine Meat has raised $135 million in a fresh funding round that will help it set up new facilities.

Redefine Meat said the new money will be used to set up production facilities in Israel and the Netherlands, and also expand its relationships with restaurants and eating joints across the world.

The funding round was led by US- and Israel-based venture capital firm Hanaco Ventures, which has also backed Remilk, a startup that has developed animal-free milk.

Hanaco was joined in the funding round by UK-based foodtech-focussed fund Synthesis Capital.

With the latest infusion, Redefine Meat has raised $180 million since inception. The new round comes less than a year after the company raised $29 million in Series A funding.

Israel, which is home to as many as 400 alternative animal-free food startups, has seen several of them raise multimillion-dollar cheques. Apart from Redefine Meat and Remilk, the others that have grabbed big money include Future Meat, which raised $347 million in December, making it the biggest funding cheque yet for a company in this domain, and Aleph Farms, which got a $105 million shot in the arm, from several marquee investors including Hollywood actor Leonardo DiCaprio.

The companies in this fast-developing sector include those in sub-domains like nutrition, packaging, food safety, processing systems, novel ingredients and alternative proteins. The ones developing alternative proteins typically develop substitutes for meat, dairy, and egg; cultured dairy, meat and seafood; insect proteins; and fermentation products and processes.

Sayata

Israeli-origin insurance technology firm Sayata, which offers a marketplace for brokers and carriers scale their business insurance portfolios, said Monday it has raised $35 million in additional funding.

This adds to the $17 million the company had raised five months ago, taking the total size of the Series A round to $52 million, Sayata said in a statement.

Sayata said the latest fundraise was led by Pitango Growth and Hanaco Ventures, with participation from previous investors Team8 Capital, Vertex Ventures, Elron Ventures and OurCrowd.

Sayata says its proprietary technology platform, launched two years ago, automates the time-consuming process of finding and securing business insurance.

The company said it will use the fresh capital to add new business lines to its offerings.

Pitango, the lead investor in the current round, has backed several marquee companies, seven of which have gone public. Its portfolio includes Riskified, AppsFlyer, Via, DriveNets, Tomorrow.io, Tailor Brands, Logz.io, WhiteSource and Tabit.

Hanaco Ventures is a New York- and Tel Aviv-based venture capital firm that was founded in 2017 by Alon Lifshitz, Pasha Romanovski, and Lior Prosor. It has a portfolio of more than 30 companies including Infarm, SeeTree, AmWell, Yotpo, Namogoo, Moovit, and Via.

Aman Malik

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