SavorEat has completed an IPO that has been in high demand from investors. In the IPO, SavorEat raised approximately NIS 42.6 million (approximately $ 13 million) from Israeli institutional entities, including Mor Gamel and Meitav Dash Pension Provident, which invested in the company. The value of the company for the issue was estimated at NIS 170 million (approximately $ 50 million), ‘before the money’ of the issue.
The offering was led by Leumi Partners Underwriters, which also served as a pricing underwriter for this offering, and the company was accompanied by attorneys from Horn & Co. and accountants from the firm Maxelman PwC. In addition, it should be noted that among the company’s investors are Millennium FoodTech, led by Hanan Schneider.
SavorEat was founded in 2018 by Racheli Wizman, who serves as CEO, Prof. Oded Shusiov, who serves as Chief Scientist, and Prof. Ido Breslavsky. In addition, SavorEat has a team of senior consultants and leading partners, including the BBB hamburger restaurant chain. In a study conducted at the Faculty of Agriculture of the Hebrew University, and under an exclusive license for commercialization from an application, the university’s commercialization company.
The company is developing a unique technology for the production of meat substitutes, which combines materials from plant sources, a robotic system that enables the production of meat substitutes through three-dimensional printing and grilling of the product using advanced cooking methods.
SavorEat’s uniqueness is reflected in the ability to produce and cook products that trace the unique taste and texture of meat (including fat, muscle and tissue). On the three-dimensional food production method, the company has filed patent applications in several countries, including the United States, Europe and Australia.
The company believes that the important benefits offered by the technology it has developed include streamlining the supply chain and customizing the product to the diner’s preferences, all without human contact. The first product the company focuses on developing is a burger from plant sources. The technology developed by the company should enable a productive horizon for other sustainable products.
In addition, SavorEat has signed a cooperation agreement with the BBB chain, which includes consulting in product development and installation of systems in the chain’s kitchens as part of the development process. The installation of the systems is the first pilot of its kind in Israel and will allow the company to examine their marketing outside Israel.
The food tech industry faces a number of major challenges on its way to producing quality meat substitutes. Among the challenges: creating meat-compatible textures for a real meat consumption experience, extending shelf life without the addition of synthetics and preservatives, food safety, allergens like gluten and more.
SavorEat’s technology is designed to address these challenges. Other benefits are the ability to customize the composition of the dish to the customer’s personal and health preferences, and to create products that do not contain various allergens (eg gluten), preservatives and / or genetic and other changes. Also, the company’s technology should allow for high food safety and long shelf life that requires comfortable logistics and storage conditions at room temperature.
SavorEat, is the first portfolio company of the R&D Millennium Food-Tech Partnership, which invested about $ 2.5 million in it about three months ago. Millennium Food-Tech records a quick profit, with its holdings valued at more than three times the value of the investment. Amounted to about $ 5.5 million, of which about $ 3 million was invested by the investment houses Moore and Meitav Dash.
Racheli Wizman, CEO and co-founder of SavorEat, said: “We believe that SavorEat is bringing a real line to the meat substitutes market through the unique technology we are developing. Our worldview is that only tasty, quality and healthy alternatives to meat will be able to lead to the desired change of meat consumption reduction. We thank investors who have shown confidence in our vision, technology and professional team. We are only at the beginning of the journey and we are confident that the current recruitment will contribute greatly to the development of the company and will make it possible to present many innovations in the future. “
Professor Oded Shusiov, chief scientist and co-founder of SavorEat, said, “SavorEat’s technology is a significant step towards customized food, reducing food production costs and reducing greenhouse gas emissions into the atmosphere and a better future for the planet.”
Professor Ido Breslavsky, co-founder of SavorEat, added, “SavorEat is a product of groundbreaking innovation that began its first steps in academia and, together with business and technological leadership, is paving the way for the food market with the promise of promoting a healthy diet for consumers.”
Between 2017-2019, retail sales of vegetable meat increased by 31%, while retail meat sales in the US grew by only 5%. SavorEat operates in a rapidly growing market: according to international sources including the Barclays Investment Bank – Meat Substitutes Market As of 2020, it has an annual turnover of $ 14 billion – 1% of the total meat market – while in 2029 it will roll in $ 140 billion and constitute 10% of the total meat market.
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