Israel’s startup scene continues to produce surprise after surprise, now marking the first-ever Foodtech IPO on the Tel Aviv Stock Exchange (TASE). Israel’s SavorEat has officially announced closing the heavily attracted offering, which raised about $13 million from leading Israeli institutional investors. The company’s valuation for the IPO was $50 million. Leumi Partners acted as the offering’s underwriters, while the offering was led by Psagot Privident.
Robots cooking burgers
SavorEat was founded in 2018 by CEO Racheli Vizman, Chief Scientist Prof. Oded Shosayev, and Prof. Ido Braslevsky. The company works with a team of senior consultants and leading partners including the BBB Group. The company's technology is based on research conducted at the Hebrew University's Faculty of Agriculture, and according to an exclusive commercialization license from the University's Yissum technology transfer company.
SavorEat 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.
The Foodtech industry is coping with several main challenges in its efforts to produce quality meat alternatives. The challenges include: producing meat-like textures for a genuine meat consumer experience, lengthening the shelf life without adding synthetic ingredients and preservatives, food safety, and allergens like gluten, etc. Although facing fierce competition in the cultivated meat industry from other leading startups like Aleph Farms, MeaTech 3D, and more, SavorEat's new technology successfully copes with most of these challenges. The company's developments aim to provide a wide range of meat products that perfectly imitate the protein-rich food.
SavorEat has developed a unique technology for producing meat alternatives, which combines ingredients from an innovative plant-based formula, a smart robot that produces meat alternatives using 3D printing, and cooking the product using advanced cooking methods. SavorEat's uniqueness is expressed in its ability to produce and to cook products that imitate the unique taste and texture of meat (including fat, sinew and fibers).
Other advantages include serving to the personal preference and health of the customer and creating products that do not contain allergens (like gluten), preservatives, and/or other genetic modifications. The company's technology also allows for high food safety and longer shelf life at room-temp conditions.
SavorEat Chief Scientist Prof. Oded Shosayev said: "SavorEat's technology is a significant step towards individually adapted food, the cutting of food manufacturing costs, and the reduction of greenhouse gas emissions into the atmosphere and a better future for the planet."
In addition, the company has signed a cooperation agreement with Israel’s BBB chain - a famous burger franchise. The collaboration will center around SavorEat consulting on product development and system installation. This represents the first pilot project of its kind in Israel and will allow the company to test their marketing reach in Europe, Asia, and the U.S.
SavorEast cofounder Prof. Ido Braslevsky added, "SavorEat is the result on an innovative breakthrough that took its first steps with us in academia and together with business and technological leadership has paved the way to the food market with the promise of promoting healthier nutrition for consumers."