The Israeli startup Redefine Meat is raising an additional $250 million in funding. The company develops meat substitutes with 3D printing that it says taste just like the real thing. Calcalist reported that Bank of America is working with Redefine on the new influx of capital.
Redefine Meat is raking in the big bucks these days, so there must be high expectations for businesses that provide substitutes for animal based foods. It has been less than four months since Redefine Meat raised $135 million in financing, so should things work out then the company will have brought in more than $430 million in total.
Israel is ripe with startups making alternative food products to replace meat, fish and dairy. This is not only good for vegetarians, but it is also good for the environment because farmed meat, poultry and fish use up tremendous resources and leave behind waste that harms the environment.
Just last December, Future Meat, an Israeli cultured meat startup, hit a $900 million valuation. So, that company and redefine Meat could both soon become unicorns, startups with more than a $1 billion valuation.
Whether meat or dairy, fake animal based food is great for the environment. All the millions of cows and chickens around the world used for meat and dairy and eggs leave behind waste that harms the environment. Then there is all of the energy consumed in raising the animals and the problems with animal cruelty for how they are treated.
Established in 2018, Redefine Meat applies its proprietary 3D printing technology, meat digital modeling, and advanced food formulations to produce animal-free meat with the “appearance, texture and flavor of whole muscle meat.”
The company boasts that its sustainable plant-based meat products have a taste and mouthfeel that is indistinguishable from traditional animal meat. It uses plant-based ingredients and technology as opposed to animals, allowing for a “dramatically more efficient, sustainable, and moral way to produce meat without compromising on the experience.” Redefine Meat states that its alt-meat is 95% more sustainable, significantly healthier and costs less than beef.