The news comes after the firm raised $6m in funding from CPT Capital in September 2019, with the alt-meat company set to skyrocket in value over the next few years, media reported this week.
Israeli startup Redefine Meat has announced it had raised $29m in series A funding, TechInAsia reported on Wednesday.
Happiness Capital and Hanaco Ventures led the fundraiser and were joined by CPT capital, Losa Group, K3 Ventures and Sake Borsch.
The capital raised will allow the alternative meats firm to boost large-scale production of its 3D meat printers later in the year, as well as expand the company’s product lineup and grow operations international, the company said in a statement.
The company was founded in 2018 and produces plant-based alternative meats replicating the flavours and textures of natural meat goods. The firm struck a partnership with Best Meister to distribute its alt-meat products to businesses in 2021.
Redefine Meat may reach $8.3bn by 2025 and is expected to grow 14 percent annually from $4.3bn in 2020, TechInAsia added, citing data from MarketsandMarkets.
The news follows statements from former Microsoft co-founder and chief executive Bill Gates, who told MIT Technology Review magazine on Tuesday the world’s wealthiest nations should shift to consuming “100 [percent] synthetic beef”.
Researchers and critics of the meat industry have blamed cows for increasing methane gas emissions, which reach record levels last July and skyrocketed from 200 to 2017, according to figures cited by Sky News.