In the first-ever food-tech Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE), SavorEat (TASE: SVRT) has raised NIS 42.6 million (about US$ 13 million) in November 2020, led by Psagot Provident Funds, attracted leading Israeli institutional investors like Mor Gemel and Meitav Dash.
The company’s valuation for the offering was NIS 170 million (about US$ 51.2 million). Leumi Partners served as the underwriters of the offering and supported by Horn & Co. Law Offices. In July this year, investment houses Mor and Meitav Dash invested US$ 3 million with a possibility for an additional investment of US$ 1 million in SavorEat. This investment was made at a company valuation of US$ 25 million.
The startup is only at the beginning of its journey and they believe that the current capital raising will considerably contribute to its development and support the presentation of many innovations in the future.
Also, the company has signed a cooperation agreement with Israel’s BBB chain, a well-known burger franchise. By the summer of 2021, its products and printers will be part of the BBB burgers network of restaurants. The collaboration will focus on SavorEat advising on product development and system installation. This signifies the first pilot project of its kind in Israel and will allow the company to test their marketing reach in Europe, Asia, and the U.S.
What makes the company unique is its ability to produce and cook products that imitate the taste and texture of meat (including fat, muscle, and tissue). The raw material comes from a plant source which is preserved by a patent that allows optimization of the supply chain. Each recipe is formulated by a robotic chef, the roblooot, which merges autonomous production methods with a 3D printing and heating method that produces fully cooked servings, which enables the personalization of dishes without human contact.
What SavorEat has to say
SavorEat CEO Racheli Vizman said: “We believe that SavorEat brings genuine good news to the meat alternatives market through the unique technology that we are developing. Our worldview is that only alternative tastiness, quality and healthiness to meat will succeed in leading to the desired change in reducing meat consumption.”
About SavorEat
Founded in 2018 by CEO Racheli Vizman, Chief Scientist Prof. Oded Shoseyov and Prof. Ido Braslavsky, SavorEat’s technology is based on research conducted at the Hebrew University’s Faculty of Agriculture, and according to an exclusive commercialization license from the University’s Yissum technology transfer company. SavorEat is the first portfolio company of the Millennium Food-Tech R&D Partnership.
About Psagot Provident Funds
It is an Israeli investment firm and the country’s largest pension fund manager. The company was founded in 2007 and located in Tel Aviv. It has 16 total employees across the country and generates US$ 1.74 million in sales.
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