Israeli cultured meat start-up, Meat-Tech 3D, has raised $7 million in a funding round led by Psagot Provident and Pension Funds.
The company is working to create industrial-scale, sustainable technologies to manufacture cultivated meat.
Meat-Tech 3D is developing a bioprinter to produce structured cultured meat by depositing layers of cells, scaffolding and cell nutrients in a three-dimensional form.
In addition to Psagot Provident and Pension Funds, the round also included investments from the More Investment House as well as private investors.
“We thank our investors for their confidence in the company’s activities and vision,” said Meat-Tech CEO, Sharon Fima.
“The investment round enables us to progress the recently announced Peace Of Meat acquisition, strengthening an important part of our R&D and opening up new markets such as that for hybrid products.”
Gat Megiddo, VP of investments at Psagot, added: “The Investment in Meat-Tech aligns with our investment strategy focusing on high impact companies, companies which we believe have great economic potential, as well as a potentially huge contribution to the environment.
“Meat-Tech has made impressive progress with its development pipeline, in addition to the strategic acquisition that the company is working to complete. The acquisition promotes a foothold in the global protein alternatives market which is showing great momentum.”
Meat-Tech 3D announced its acquisition of cultured fats developer Peace Of Meat (then unnamed) last month.
By Antonia Garrett Peel
Source: foodbev.com
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