Brevel, a Shekef, Israel-based microalgae-based alternative protein company, raised $18.5M in Seed funding.
The round was led by NevaTeam Partners, and supported by the European Union’s EIC Fund, as well as other food and climate funds and strategic partners from within the food industry. Said Shai Levy, Managing Partner at NevaTeam Partners, will be joining Brevel’s board.
The seed included $8.4M, which were converted from grants and convertible loans into shares.
The company intends to use the funds to advance its alternative protein that is neutral-tasting, functional, sustainable and affordable to the mainstream food industry.
Founded by three brothers Yonatan (CEO), Matan (COO) and Ido (CTO) Golan, Brevel provides an alternative protein from microalgae by leveraging proprietary technology which combines fermentation and light in industrial scale systems. This creates a protein which is sustainable on earth, flavor and color neutral, functional, suitable to be incorporated into a large variety of food applications and for traditional plant-based sources such as pea and soy.
The company is primarily targeting the dairy alternative sector. Other plant-based protein sources such as soy are allergenic and often have overpowering flavors, making them less efficient for use in plant-based milk and cheese products. In contrast, Brevel’s protein can be incorporated, boosting nutritional value and enhancing texture without compromising on taste, color, or cost.
The first products incorporating Brevel’s protein inside are expected to be on shelves during 2024.
FinSMEs
25/07/2023