TEL AVIV, ISRAEL — Israeli startup Imagindairy, Ltd. raised $13 million in a seed funding round led by MoreVC, with participation from Strauss Group, Entrée Capital, S2G Ventures, Collaborative Fund, New Climate Ventures, Green Circle Foodtech Ventures, Emerald Technology Ventures and Pierre Besnainou. The round includes a pre-seed investment by Strauss Group, FoodSparks by PeakBridge, CPT Capital and Entrée Capital earlier this year.
Imagindairy develops animal-free whey and casein proteins through precision fermentation. The proteins offer the same flavor, texture, functionality and nutritional value as their animal-based counterparts and may be used to create a range of cow-free milk and dairy products, according to the company.
“The market is eager to develop new dairy analogs based on our animal-free proteins,” said Eyal Afergan, PhD, co-founder and chief executive officer of Imagindairy. “Once we reach commercialization, more consumers will be able to enjoy eating animal-free dairy products. It’s hard for people to make big changes, especially when it comes to the foods they enjoy, but when there’s an alternative with the same flavor and experience that is more aligned to their values, it becomes easy.”
The food technology startup currently is collaborating with dairy companies, offering a complete range of dairy-free proteins. It will use funds from the $13 million seed round to expand its facilities, grow its team and boost its R&D capacity.