Haifa, Israel-based developer of a functional protein platform, Meala Foodtech, raised USD 1.9 million in pre-seed funding. The pre-seed round took place on February 8, 2023. The Kitchen FoodTech Hub, part of The Strauss-Group and DSM Venturing (the corporate venture arm of the Dutch multinational Royal DSM), led the financing for the company. Meanwhile, Milk & Honey Ventures provided the investment.
Purpose of funding for Meala Foodtech
With the latest funding from investors, Meala Foodtech seeks to continue to develop its platform technology.
It also has plans to accelerate from lab to pilot scale. Besides, it aims to launch in the US and Europe next year. The startup is already partnering with leading plant-based CPG manufacturers interested in using the former’s technology.
What the Meala Foodtech’s officials have to say
Hadar Razmovich, CEO and co-founder of Meala Foodtech, said, “We are excited to complete this investment round with the support of leading investors. This achievement reflects the investors’ trust in our technology and R&D team of experts. There is a significant need in the plant-based industry to reduce undesirable ingredients and clean up labels effectively. This investment will help us get closer and faster to the market, better address the companies’ specific needs, and provide affordable, smarter solutions.”
In addition, Dr Tali Feldman Sivan, PhD, co-founder of Meala Foodtech, said, “This investment will enable us to accelerate our growth and support plant-based producers in their mission to reach new consumer segments. We have already initiated collaborations with leading plant-based CPG manufacturers to implement Meala’s solution in their products. We are on track to launch products in the US and European markets in 2024.”
What the investor has to add
Jonathan Berger, CEO of The Kitchen FoodTech Hub, said, “It is exciting to support Meala on this important mission to improve plant-based foods, making them tastier, more nutritious, and with readily recognizable ingredients. This is another milestone in our quest to nourish a better tomorrow, and we are honoured to have a leading entity such as DSM Venturing co-invest with us in such a promising company.”
About the company
Product innovation specialist Hadar Ekhoiz Razmovich; Tali Feldman Sivan, PhD, a serial entrepreneur and business strategist; and Liran Gruda, CIO and culinary chef, launched the company in 2021. The Israel-based company’s core technology enables the development of functional proteins for multiple meat replacements, such as burgers, sausages, and nuggets, with egg and fish alternatives in development.
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