Israeli food tech startup Remilk, a developer of animal-free dairy products through microbial fermentation, has secured USD 120 million in funding, the company announced last week.
The Series B funding round was led by New York-based Hanaco Ventures.
In addition to Hanaco Ventures, the round includes investments from Precision Capital, Rage Capital, CPT Capital, Intercap, OurCrowd, Aliya Capital, Chartered Group, Indorama Ventures, Tal Ventures, Fresh Fund, Idan and Gil Ofer, Izaki Ventures, and Paradigm Shift Fund.
Remilk has pioneered a scalable, yeast-based fermentation process that produces animal-free milk proteins that are indistinguishable in taste and function from cow milk proteins, but free of lactose, cholesterol, and growth hormones. The patented process is said to have drastically reduced environmental impact. Remilk estimates its process uses 1% of the land, 4% of the greenhouse gas emissions, and 5% of the water required to produce comparable products in the traditional dairy manufacturing process.
The company said the funding “establishes Remilk as a primary player in the emerging cultivated dairy category,” and enables it to immediately scale production of its dairy-identical milk protein for commercial use by manufacturers in traditionally dairy-based products, including cheeses, yogurt, and ice cream.
It comes at a pivotal stage for the promising category and will accelerate the company’s manufacturing capabilities, unlocking its ability to commercialize Remilk at scale to meet the needs of food manufacturers. The company plans to have products featuring Remilk in the marketplace later this year.
“It is essential for the future of our planet that we liberate the food chain from dependency on animals. We do so by crafting real dairy that tastes and feels the same, minus the cow,” said Aviv Wolff, Remilk CEO and co-founder. “Our mission is bold, and support from these experienced and trusted investors demonstrates the power of Remilk to meet the moment. This funding propels us on our journey to transform the dairy category into one that delivers delicious, nutritious products without harm to people, the 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.”