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Israeli start-up SavorEat, which makes plant-based meat alternatives using a 3D printer, held its first Initial Public Offering (IPO) of shares on the Tel Aviv Stock Exchange (TASE) – boasting a pre-money valuation of more than $50m.
The company, which was founded two years ago, raised $13m from leading investors across the country.
It was the first food tech IPO of the TASE and the company saw a large demand from investors, according to Globes.
SavorEat prides itself on being part of a ‘new generation’ of vegan meat alternatives.
The company uses a vegan nano-cellulose fiber which binds all the ingredients together to produce a texture and smell similar to meat. The amount of fat and protein going into the products can be specified and changed using a device.
The technology used to create the products was developed at the Faculty of Agriculture at Hebrew University in Jerusalem.
‘Reducing meat consumption’
CEO Racheli Vizman said: “We believe that only quality and healthy alternative to meat will succeed in leading the wished-for change of reducing meat consumption.
“We are grateful to our investors who have shown belief in our vision, technology, and professional team.
“We are only at the beginning of our journey and we are certain that the current capital raising will greatly contribute to the development of the company and allow the presentation of many innovations in the future.
Demand for meat alternatives in Israel is on the rise, with vegan burgers already available in McDonald’s outlets across the country.
Earlier this year, Israel’s first pro-vegan television commercial went viral – watched by 35 percent of the population.
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