Israeli-based food-tech company, SavorEat, has raised NIS 42.6 million (approx. $13 million) during its IPO on the Tel Aviv Stock Exchange (TASE).

Millennium Food-Tech, Gemel and Meitav Dash, and Gemel Pensions were among the investors. The offering was conducted by Leumi Partners Underwriters, with support from the Horan & Co law firm.

Founded in 2018, SavorEat developed a unique technology for the production of meat alternatives – a rapidly growing trend in the food industry.

The technology can be used to create and cook alternatives while imitating the unique taste and texture of meat, using a 3D food printing manufacturing method. It also allows high food safety and longer shelf life, making logistics and the ability to store at room temperature easier.

SavorEat’s first development will focus on the creation of a plant-based hamburger.

CEO Racheli Vizman said: “We believe that SavorEat brings genuine good news to the meat alternatives market through the unique technology that we are developing. Our worldview is that only alternative tastiness, quality and healthiness to meat will succeed in leading to the desired change in reducing meat consumption.”

“We are grateful to our investors who have shown belief in our vision, technology and professional team. We are only at the beginning of our journey and we are certain that the current capital raising will greatly contribute to the development of the company and allow the presentation of many innovations in the future,” she continued.

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