Israeli food-tech startup Remilk, which produces dairy-identical milk proteins through a fermentation process, has raised $120 million in a Series B round led by Hanaco Ventures, the company announced Thursday.
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The funding will allow Remilk to immediately scale production of its milk protein for commercial use by manufacturers in traditionally dairy-based products that include cheeses, yogurt and ice cream.
According to Remilk, its animal-free milk is indistinguishable in taste and function from cow milk proteins, but free of lactose, cholesterol, and growth hormones. The patented process also impacts the environment significantly less than the traditional dairy industry, using an estimated 1% of the land, 4% of the GHG emissions, and 5% of the water required to produce comparable products by milking cows.
"It is essential for the future of our planet that we liberate the food chain from dependency on animals. We do so by crafting real dairy that tastes and feels the same, minus the cow," says Aviv Wolff, CEO and co-founder of Remilk.
"Our mission is bold, and support from these experienced and trusted investors demonstrates the power of Remilk to meet the moment. This funding propels us on our journey to transform the dairy category into one that delivers delicious, nutritious products without harm to people, planet, or animals. Already, we are engaging with dozens of companies, including some of world's most popular brands, to recreate the future of dairy together," Wolff says.
The company plans to have products featuring Remilk in the marketplace later this year.
The oversubscribed Series B round included investments from Precision Capital, Rage Capital, CPT Capital, Intercap, OurCrowd, Aliya Capital, Chartered Group, Indorama Ventures, Tal Ventures, Fresh Fund, Idan and Gil Ofer, Izaki Ventures, and Paradigm Shift Fund.
"Remilk is on a mission to transform the alternative protein industry by introducing the next generation of dairy. Not only are Remilk products cleaner and significantly more sustainable when compared to traditional dairy, but they are indistinguishable in taste, feel, and texture," says Hanaco Ventures founding partner Pasha Romanovski.
"Remilk also employs production methods that are radically more sustainable than traditional production methods today. We have a strong conviction in the founders' vision and are thrilled to support the talented team on their journey."
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