ISRAEL – Remilk, an Isreali animal free startup, has raised US$11.3 million in a funding round led by FreshFund and participated in by other investors including OurCrowd, CPT Capital, ProVeg.
Food manufacturers Hochland, Tnuva and Tempo also participated in the round which according to a report by FoodBev was oversubscribed.
Remilk said in a statement that the funds will be used to support a global launch of its animal-free dairy products.
The animal free products are made through a microbial fermentation process which Remilk says produces ‘identical’ dairy proteins, which can be used for developing products such as cheese, yogurt and cream.
With the capital, Remilk plans to rapidly expand its production and distribution capabilities, in order to meet the global demand for its animal-free dairy proteins.
The lab-made dairy proteins are cholesterol-free and contain no lactose, antibiotics or growth hormones.
Remilk are in tune with the current market trends which show the dairy alternatives sector has been growing rapidly.
The growth is being driven by a number of key issues, such as growing cases of lactose-intolerant people, rising awareness on ethical concerns about animal abuse in modern dairy farming practices, and nutritive benefits offered by plant-based dairy products.
According to Meticulous Market Research, the dairy alternatives market is expected to grow at a CAGR of 11.2% from 2020 to 2027 to reach $44.9 billion by 2027.
“Today’s non-dairy alternatives address environmental and health concerns, but universally fail to create authentic dairy-based products, like cheese. We’re bridging this gap by making dairy products with dairy proteins, without needing a single cow,” said Aviv Wolff, co-founder and CEO at Remilk.
Remilk says its commercial manufacturing and distribution partners use its functional animal-free dairy product as a starting material for large-scale dairy production.
According to the company’s CEO, its proprietary technology delivers the most authentic animal-free dairy product in the market today and is identical to natural dairy.
He further noted that, “Remilk is revolutionising the way we produce food around the world, and importantly, is creating a lasting and environmentally-friendly food system that takes no more than what our planet can give.”
Remilk claims that its animal-free products require 1% of the land, 4% of the feedstock and 10% of the water to produce than comparable dairy products.
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