Israeli cultivated dairy start-up Remilk has raised $120 million in Series B funding, as it looks to expand production of its animal-free protein.
Remilk uses a yeast-based fermentation process to produce animal-free milk proteins that are said to be indistinguishable in taste and function from cow’s milk proteins.
The company plans to use the new funds to scale production of its protein for commercial use by manufacturers in products such as cheese and ice cream.
According to Remilk, its ‘dairy-identical’ proteins are free from lactose and cholesterol. The company also estimates that its process uses 1% of the land, 4% of the greenhouse gas emissions and 5% of the water required to produce comparable products through traditional dairy manufacturing processes.
Led by Hanaco Ventures, the round also included investments from Precision Capital, Rage Capital, CPT Capital, Intercap, OurCrowd, Indorama Ventures and Tal Ventures, among others.
The company plans to have products featuring Remilk in the marketplace later this year.
“Not only are Remilk products cleaner and significantly more sustainable when compared to traditional dairy, but they are indistinguishable in taste, feel and texture,” said Pasha Romanovski, founding partner of Hanaco Ventures.
He added: “We have a strong conviction in the founders’ vision and are thrilled to support the talented team on their journey”.
Aviv Wolff, CEO and co-founder at Remilk, said: “This funding propels us on our journey to transform the dairy category into one that delivers delicious, nutritious products without harm to people, planet or animals”.
“Already, we are engaging with dozens of companies, including some of the world’s most popular brands, to recreate the future of dairy together.”
In 2020, Remilk announced that it had secured $11.3 million in an oversubscribed funding round led by Fresh.fund.
© FoodBev Media Ltd 2021
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