Remilk, a Tel Aviv, Israel-based food startup focused on the dairy industry, secured $120m in Series B funding.
The round was led by NY-based Hanaco Ventures with participation from Precision Capital, Rage Capital, CPT Capital, Intercap, OurCrowd, Aliya Capital, Chartered Group, Indorama Ventures, Tal Ventures, Fresh Fund, Idan and Gil Ofer, Izaki Ventures, and Paradigm Shift Fund.
The company intends to use the funds to scale production of its dairy-identical milk protein for commercial use by manufacturers in traditionally dairy-based products including cheeses, yogurt, and ice cream.
Co-founded by Aviv Wolff, an entrepreneur with experience at several startups, and Ori Cohavi, PhD in biochemistry, who has worked in R&D at a variety of biotech firms, Remilk is a global leader in the development of animal-free dairy. The company produces dairy-identical milk proteins through a fermentation process and has developed a patented approach to scalable manufacturing which increases efficiency in production, and eliminates the need for dairy cows in industrial-scale dairy production, without (they say) compromising on taste, functionality, or nutritional values.