BioBetter, a Kiryat Shemona, Israel-based FoodTech startup, raised USD10M in funding.
The round was led by Jerusalem Venture Partners (JVP), with participation from Milk and Honey Ventures, and Israeli Innovation Authority (IIA).
The company intends to use the funds to broaden its product portfolio of growth factors and recruit new talent to double its workforce.
Founded by Oded Shoseyov, PhD, Dana Yarden MD, MBA, and Avi Tzur, BioBetter has developed a protein manufacturing platform for producing growth factors (GFs) using tobacco plants (Nicotiana tabacum) as natural, self-sustaining, animal-free bioreactors. The field-grown tobacco plants offer a new, sustainable, efficient, and flexible response to the market need for more GFs, specifically insulin, transferrin, and FGF2. These compounds are necessary to make cultivated meat commercially viable.
BioBetter will expand to a larger pilot plant within the Tel Hai Industrial Park in the Upper Galilee Region of Israel. The establishment of the new site will increase its tobacco plant-processing capacity, enabling it to meet its current pool of commissions emanating from cell-based meat cultivators globally.
FinSMEs
07/09/2022