Israeli food technology company Imagindairy has completed a $13 million seed funding round, led by seed-stage investor MoreVC.
The following investors also participated: Strauss Group, Entrée Capital, S2G Ventures, Collaborative Fund, New Climate Ventures, Green Circle Foodtech Venture, Emerald Technology Ventures and Pierre Besnainou.
The round includes a pre-seed investment by Strauss Group, FoodSparks by PeakBridge, CPT Capital and Entrée Capital earlier this year.
Imagindairy is using new technology such as precision fermentation to create true milk proteins that are identical to the real thing.
Its proprietary technology, based on a system and synthetic biology platform, allows manufacturers to offer animal-free, sustainable milk and dairy products with the same nutritional value as dairy milk.
The start-up’s microorganisms offer food system resilience, allow for complete sustainability, preserve the natural ecosystem and promote animal welfare. The technology also eliminates the greenhouse gas emissions produced by dairy cows.
Eyal Afergan, co-founder and CEO of Imagindairy, commented: “We are excited to share this news with our partners and colleagues. The market is eager to develop new dairy analogues based on our animal-free proteins.”
He continued: “Once we reach commercialisation, more consumers will be able to enjoy eating animal-free dairy products. It’s hard for people to make big changes, especially when it comes to the foods they enjoy, but when there’s an alternative with the same flavour and experience that is more aligned to their values, it becomes easy.”
The business will use the funds to expand its facilities, increase its professional team and enhance its R&D capacity to meet the demands of its partners.