Israeli Food tech start-up Remilk, which produces animal-free milk using “dairy-identical” milk proteins, has raised $120 million in a series B funding round.
The company now stands as a significant member of the alternative milk industry and aims to immediately scale its production of dairy-free milk products, such as cheese, yogurt and ice cream.
"It is essential for the future of our planet that we liberate the food chain from dependency on animals. We do so by crafting real dairy that tastes and feels the same, minus the cow," said Remilk CEO and co-founder Aviv Wolff.
The funding round was led by New York-based VC Hanaco Ventures, and also featured participation from Precision Capital, Chartered Group, CPT Capital, Intercap, OurCrowd, Aliya Capital and more.
"Remilk is on a mission to transform the alternative protein industry by introducing the next generation of dairy,” said Pasha Romanovski, founding partner of Hanaco Ventures.
“Not only are Remilk products cleaner and significantly more sustainable when compared to traditional dairy, but they are indistinguishable in taste, feel, and texture. Remilk also employs production methods that are radically more sustainable than traditional production methods today. We have a strong conviction in the founders' vision and are thrilled to support the talented team on their journey."
"Our mission is bold, and support from these experienced and trusted investors demonstrates the power of Remilk to meet the moment,” said Wolff.
“This funding propels us on our journey to transform the dairy category into one that delivers delicious, nutritious products without harm to people, planet, or animals. Already, we are engaging with dozens of companies, including some of the world's most popular brands, to recreate the future of dairy together."
Remilk uses yeast-based fermentation to produce milk proteins that are identical both in taste and function to cow’s milk, without the need for animals, and with the added benefit of being lactose-, cholesterol- and growth hormone-free.
According to projections from the Statista Research Department, the revenue of the worldwide milk substitute market is projected to grow to $37.66 billion by 2026 - a 79% increase from 2022’s estimated $20.93 billion. The reason for this rising interest in alternative milks is the result of several key factors, namely lactose intolerance and dairy sensitivity.