Animal free-meat company Redefine Meat announced having raised a total of $29 million from its latest financing round which was led by venture capital firms Hanaco Ventures and Happiness Ventures.
The company will be using the proceeds to support its 3D- printed meat business substitutes across the world. Redefine Meat has developed a technology it uses to produce plant-based meat substitutes on 3D printers. The cash will also be used to launch this technology.
The investment will give the company an opportunity to set-up large scale pilot line before official roll out of industrial 3D meat substitute printers to distributors scheduled to happen later in the year said Redefine Meat.
In recent times, consumption plant based meats as an alternative to animal meat has been increasing as consumers are seeking ways to reduce intake of animal meat. Reduced intake of animal meat is not only good for human health but also good for the environment and animal welfare.
The company’s Chief executive and co-founder Eshchar Ben-Shitrit said this new project signals a major step for the company in its quest to partner with meat distributors across the world to deliver products to consumers.