REHOVOT, ISREAL — Redefine Meat raised $29 million in a Series A funding round led by Happiness Capital and Hanaco Ventures.
Founded in 2018, Redefine Meat creates animal-free meat using proprietary industrial 3D printers. The startup uses its digital manufacturing technology to create whole-muscle cuts of alternative beef with the taste, texture and appearance of steak.
Funds from the Series A round will go toward the construction of a large-scale pilot line and product launch in Europe and will support the company’s expansion in North America and Asia.
“This funding, which was concluded faster and better than we could have imagined a year ago, is a major step towards becoming the world's biggest alternative meat company by 2030,” said Eshchar Ben-Shitrit, co-founder and chief executive officer of Redefine Meat.
The investment comes on the heels of Redefine Meat’s first strategic agreement with Best Meister, an Israeli premium meat distributor, which will distribute the company's alternative meat products commercially to Israeli restaurants and butchers in the first half of 2021.
“We want to change the belief that delicious meat can only come from animals,” Mr. Ben-Shitrit said. “We have all the building blocks in place to make this a reality: high-quality meat products, strategic partnerships with stakeholders across the world, a large-scale pilot line under construction, and the first-ever industrial 3D Alt-Meat printers set to be deployed within meat distributors later this year.”
Joining Happiness Capital and Hanaco Ventures in the Series A round were CPT Capital, Losa Group, Sake Bosch, and K3 Ventures.
“We look to find disruptive technology and ambitious leadership teams in industries that can bring real happiness to people and make the world a better place,” said Eric Ng, CEO of Happiness Capital. “The fast-growing alternative meat sector is one such industry, but there is currently a gap in its ability to meet the needs of people who still want to eat traditional meat. Redefine Meat offers a unique solution that appeals to meat-eaters with tasty and sustainable food.”