Ever After Foods secures US$10M to scale cultivated meat production

ISRAEL – Israeli biotech firm Ever After Foods has raised US$10 million from strategic investors in the EU and the US to enhance its bioreactor platform, which aids cultivated meat producers in scaling up production while reducing costs.

This investment round included contributions from Israeli cellular agriculture company Pluri and the Tnuva Group, Israel’s largest food company, which co-founded Ever After Foods in 2022.

“The investment from new global partners, along with Tnuva’s renewed commitment, validates Pluri’s strategy and underscores the quality of our technology,” said Pluri CEO and president Yaky Yanay.

Originally known as Plurinuva, Ever After Foods has exclusive rights to Pluri’s technology to develop, manufacture, and commercialize cultivated meat, beginning with beef and poultry.

The recent funding has extended these rights to include seafood.

Since launching its bioreactor platform last year, the company has significantly advanced its technology, achieving natural production of muscle and fat tissues for various animal cells, meeting critical taste and texture benchmarks for consumers.

Ever After Foods’ technology promises a 90% reduction in costs for its B2B clients compared to the next best alternative.

The bioreactors also yield up to six times more protein and 700 times more lipids from each cell, enhancing both flavor and nutritional value.

Moreover, the cell cultivation process is far more environmentally friendly than traditional livestock farming, reducing air pollution by 93%, land use by 95%, and water use by 94%.

“The innovative production platform has allowed us to shift our business model to a technology enabler, serving more players in the value chain,” said Ever After Foods CEO Eyal Rosenthal.

This comes as the scalability and cost are significant challenges for the cultivated meat industry.

Therefore, to be price-competitive with conventional meat, manufacturing costs need to drop to $2.92 per pound.

In response to these challenges, Israel has positioned itself as a leader in food tech.

In 2022, the Israel Innovation Authority launched a research consortium with US$18 million in funding to develop cost-effective methods for producing cultivated meat. 

By 2030, the cultivated meat industry in Israel is expected to create 10,000 jobs, host over 200 companies, and contribute US$2.5 billion to the economy through exports, local wages, and taxes.