As animal-free dairy alternatives become more popular, Hochland and Tnuva both took part in the vegan dairy technology developer's latest round.
Remilk, an Israel-based producer of animal-free dairy technology, has secured $120m in funding from investors including dairy product supplier Hochland and food producer Tnuva, The Times of Israel has reported, underlining the growth of vegan and animal-free food products.
Venture capital fund Hanaco Ventures led the round and was also joined by Rage Capital, CPT Capital, Fresh.fund, OurCrowd and Precision Capital.
Founded in 2019, Remilk uses a fermentation process that inserts genetic code into single-cell microbes to create milk proteins which form the basis of dairy products it claims are chemically identical to the real thing despite not using any animals.
The global diary alternatives market is expected to grow from almost $22.3bn in 2021 to $54bn in 2028 at a compound annual growth rate of 13%, rebounding from a lower rate of growth in 2020 due to the covid-19 pandemic, according to Fortune Business Insights.
Just two months ago,…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
