Plant-based meat analogue maker SavorEat has raised more than €10m and been valued at more than €40m in the first ever food tech Initial Public Offering (IPO) on the TASE.
The offering was led by Psagot Provident Funds. It also received investment from Mor Gemel and Meitav Dash, both of which made mid-year investments in SavorEat.
A food ‘robot’ that does it all?
SavorEat is not just a manufacturer of vegan meat alternatives. The start-up has developed an automated, closed system that 3D prints and cooks plant-based meat alternatives for foodservice.
In an interview with FoodNavigator during the summer, SavorEat co-founder and CEO Racheli Vizman explained how the start-up plans to disrupt the supply chain with its proprietary plant-based ingredients. In particular, SavorMeat is standing out from the crowd by using a derivative of cellulose – which is found in plant cell walls – as a binding agent.
When the cellulose derivative is mixed in with plant-based proteins and fats, the ingredients can be packaged into cartridges and stored at room temperature for up to six months, the CEO explained. Without the need for refrigeration, SavorEat’s ingredients save on energy, money, and time, she continued.
Further, by providing ingredients to customers directly, they can store them for extended periods. In this way, SavorEat is ‘completely disrupting the supply chain’, we were told. “We are skipping the entire process of transportation and refrigeration’.
The other key differential in SavorEat’s offering is its closed loop system that grills the burger. The 'robot' will help businesses save on labour costs, said the CEO. It currently takes six minutes for one burger to be printed and cooked through, ready to serve, but moving forward, SavorEat expects the robot will be able to increase capacity.
Moving forward, Vizman said the money raised will help the company to continue developing its technology and product portfolio.
“It will boost the development activities, add additional pilots testing, and support commercialisation activities,” she told FoodNavigator.
The company is currently looking for global partnerships, she revealed. “We hope this recognition of TASE will boost that as well.” The business also has an eye out for pilot testing opportunities, such as ‘burger joints’ in the US.