Israel's Millennium Food-Tech Partnership is leading a $3.5 million round of investment in YOFIX Probiotics, a company that develops and manufactures plant-based dairy alternatives, the partnership announced Sunday.
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Millennium Food-Tech itself will invest $2 million, and other investors include food-tech VC firm Big Idea Ventures (New Protein Fund I) and the Strauss Group's The Kitchen FoodTech Hub incubator, which is supported by the Israeli Innovation Authority, of which Yofix is a graduate. Additional investors are expected to participate later.
The global alternative dairy market is growing rapidly. In the US alone, 39% of households are consuming plant based dairy alternatives on a regular basis.
YOFIX's business model is based on selling raw materials, the development of new products in the dairy alternative category and partnering with third parties in the food industry, co-packers, and private label manufacturers.
Millennium was represented in the investment round by advs. Itay Kellner and Tom Small from Shibolet & Co. Yofix was represented by adv. Avi Nadler from the law office Eli, Nadler & Fraidin (ENF).
