Remilk, an Israeli animal-free dairy firm, has closed its Series B financing round. The company did not disclose the size of the round, but according to The Marker, the startup raised $120 million at a $325 million valuation, 10 times its valuation from one year ago. TOI claims that Remilk’s investment round was the largest ever made in a cow-free dairy company and values the 3-years old startup at an astounding $500 million.
Hanaco Ventures led the round, which also included US food tech VC Rage Capital, CPT Capital, the backer of Israeli plant-based yogurt firm Yofix as well as Impossible Foods, and Precision Capital. Existing investors also invested in the round.
Aviv Wolff and Ori Cohavi founded Remilk in 2019. A year later in December 2020, the company raised $11.3 million in a Series A round-headed by fresh.fund with participation from food manufacturers Hochland, Tnuva, Tempo, CPT Capital, OurCrowd, and ProVeg.
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Remilk recreates milk proteins by introducing the genes encoding them into a single-cell bacterium, which they genetically modified to express the protein in an efficient and scalable manner. After that, the substance is dried to a powder.
According to Remilk, its products are indistinguishable from animal-based counterparts and maintain the flavor, texture, and nutritional value of traditional dairy products. The product is cleaner, healthier, and more environmentally friendly. It requires only 1% of the land, 4% of the feedstock, and 10% of the water required to produce comparable products in traditional dairy systems.
Remilk has already inked arrangements with dozens of dairy businesses worldwide and anticipates the commercialization of its product in the coming year. By 2026, the corporation anticipates sales of $600 million.
