(Bloomberg) — Israeli startup Redefine Meat Ltd. has raised $135 million in new funding for its roll out of 3D-printed plant-based steaks across Europe amid rising demand for alternative proteins.
The new funds will help build out a new factory in the Netherlands and enable the company to reach 5,000 locations in Europe by the end of this year with a focus on the U.K., the Netherlands and Germany, Chief Executive Officer Eshchar Ben-Shitrit said in an interview.
The company’s aim is to attract more carnivores.
“The problem with plant-based meat today is it attracts mostly vegans and vegetarians, and competition in this space does not increase the total pie,” Ben-Shitrit said in an interview. The vast majority “of consumers around the world are not vegans and vegetarians, and our job is to continue convincing them.”
The fresh investment comes as global demand for plant-based meat could surge to $74 billion in the next decade from around $4 billion in 2020, according to Bloomberg Intelligence analyst Jennifer Bartashus.
Ben-Shitrit declined to disclose a valuation. Led by Synthesis Capital, the extended Series A round also includes new investor Intercap, alongside previous backers Hanaco, Happiness Capital and CPT Capital.
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