Recent start-up firm Redefine Meat has completed a $6m seed round led by venture capital company CPT Capital, joined by Israel-based Hanaco Ventures, Germany’s largest poultry company The PHW Group, and other Israeli angel investors.
Redefine Meat will use the investment to finalise the development of its alternative-meat 3D printer which is due for release during 2020.
The business was founded in 2018 fuelled by growing concern over the sustainability of the meat industry, the ability to meet food requirements of the world’s growing population, and compassion for animals.
Redefine Meat’s mission is to offer meat production technology that delivers products that are indistinguishable from high quality animal meat. In addition, the use of 3D printing to produce alternative meat products could enable the creation of a productive and flexible 21st-century supply chain that is more sustainable than current animal factory farming and meat processing.
The company is developing a solution that combines a proprietary semi-industrial 3D digital printing platform, a 3D meat modelling system and plant-based food formulations. The solution delivers a new category of complex matrix ‘meat’ that is claimed to be tasty, while also being cost effective and scalable.
Costa Yiannoulis, the CPT Capital investment director and new director of the Redefine Meat board said: “Redefine Meat is a great fit with our portfolio of companies that are working to replace animals in the food supply chain.
“We are excited to partner with a company that leverages decades of digital printing experience to offer a fresh look at the way that meat will be produced. From very early on, it was clear that their unique approach has tremendous merits and has already produced some of the highest quality alternative meat products that we have ever encountered.”
Redefine Meat’s animal-free meat comprises natural and sustainable ingredients that are claimed to deliver the same appearance, texture and flavour of animal meat used for steaks, roasts and stews.
The technology could also enable meat distributors and retailers to design the characteristics of their meat to cater for seasonality, changing demands and consumers preferences with ‘printed meat’ that is predictable and replicable. Redefine Meat products are said to have a 95% smaller environmental impact than animal meat, no cholesterol, and be cost-effective.
Pasha Romanovski, Hanaco Ventures founding partner added: “We’ve been following Redefine Meat closely for almost a year as part of a major strategic move in agri-food investments.
“They have a unique position in a massive market, but what made us invest is the sheer progress and speed of this dedicated team.”
According to Peter Wesjohann, CEO PHW Group: “There is currently no other company that has demonstrated such an impressive development in the field of 3D printed meat. The PHW Group sees Redefine Meat as a strategic investment, especially regarding the future product development for the European market and our broad distribution network.”
While Eshchar Ben-Shitrit, co-founder and CEO at Redefine Meat concluded: “Our goal is not just to develop a new food product, but to introduce a new technology for developing, producing and scaling alt-meat products.
“We have already successfully printed great products for multiple foodie events, and over the coming 12 months, we will take the technology to the next level where we expect to make a huge impact on the meat market and the future of our planet.
“We’re delighted to have secured this investment, and to be working with high-quality investors, who share our vision and can support Redefine Meat on its path to become an industry leader.”