The Israeli startup Redefine Meat, which has developed a manufacturing process to make plant-based proteins that more closely resemble choice cuts of beef than the current crop of hamburger-adjacent offerings, has gotten a big vote of confidence from the investment arm of one of Asia's premier food brands.
The company has raised $29 million in financing from Happiness Capital, the investment arm backed by the family fortunes of Hong Kong's Lee Kum Kee condiment dynasty, and Hanaco Ventures, an investment firm backing startups in New York and Israel.
Investors have stampeded into the plant-based food industry, spurred by the rising fortunes of companies like Beyond Meat, which has inked partnerships with everyone from Pepsico to McDonald's, and Impossible Foods, which counts Burger King among the brands boosting its plant-based faux meat.
While these companies have perfected plant patties that can delight the taste buds, the prospect of carving up a big honkin' cut of pea protein in the form of a ribeye, sirloin or rump steak has been a technical hurdle these companies have yet to overcome in a commercial offering.
Redefine Meat thinks its manufacturing processes have cracked the code on the formulation of plant-based steak.
They're not the only ones. In Barcelona, a startup called Novameat raised roughly $300,000 earlier this year for its own take on plant-based steak. That company raised its money from the NEOTEC Program of the Spanish Center for Industrial Technological Development.
Both companies are using 3D printing technologies to make meat substitutes that mimic the taste and texture of steaks, rather than trying to approximate the patties, meatballs and ground meat that companies like Beyond Meat and Impossible have taken to market.
Backing Redefine's path to market are a host of other investors, including Losa Group, Sake Bosch and K3 Ventures.
The company said it would use the new funding to expand its portfolio and support the commercial launch of its products. Redefine aims to have a large-scale production facility for its 3D printers online before the end of the year, the company said in a statement.
In January, Redefine Meat announced a strategic agreement with the Israeli distributor Best Meister and the company has been expanding its staff with a current headcount of roughly 40 employees.
"We want to change the belief that delicious meat can only come from animals, and we have all the building blocks in place to make this a reality: high-quality meat products, strategic partnerships with stakeholders across the world, a large-scale pilot line under construction, and the first-ever industrial 3D Alt-Meat printers set to be deployed within meat distributors later this year," said Eschar Ben-Shitrit, the company's chief executive, in a statement.