Israeli start-up Redefine Meat is planning to launch its 3D-printed meat substitutes globally after raising $29 million in a funding round led by venture capital firms Happiness Capital and Hanaco Ventures, it said on Tuesday.
Redefine Meat has developed technology to produce plant-based meat substitutes on 3D printers. The investment will let it set up a large-scale pilot line before rolling out industrial 3D meat substitute printers to distributors later this year, it said in a statement.
Plant-based meat alternatives are growing fast as consumers look to reduce their meat intake to help their health, animal welfare and the environment.
Beyond Meat and Nestlé have launched plant-based burgers and sausages relying on other technologies, while 3D meat printing companies like Redefine Meat or Spain's Novameat try to tackle the biggest challenge yet: creating a beef steak made from plants.
CPT Capital, an early supporter of Redefine Meat, and new investors including Losa Group, Sake Bosch, and K3 Ventures also joined the A-series funding round, Redefine Meat said.
Co-founder and chief executive Eshchar Ben-Shitrit said this was a "major step" for the company that intends to partner with meat distributors around the world to get products to customers.
It teamed up with Israeli meat distributor Best Meister last month for distribution to restaurants and butchers in Israel. It plans to enter Europe, starting with Germany and Switzerland, in the coming months, followed by Asia and North America later this year.