SavorEat becomes first food-tech IPO on Tel Aviv Stock Exchange

SavorEat has developed a unique technology to produce plant-based meat alternatives.

SavorEat plant-based hamburger (photo credit: SAVOREAT)
SavorEat plant-based hamburger
(photo credit: SAVOREAT)
SavorEat, a company that develops technology to produce meat alternatives, recently became the first ever food-tech Initial Public Offering (IPO) on the Tel Aviv Stock Exchange, with a company valuation of NIS 170 million.
SavorEat has developed a unique technology to produce meat alternatives, including ingredients from a plant based formula, a smart robot that 3D prints meat alternatives and roasting the product using advanced cooking methods.
The company's meat alternatives imitate the taste and texture of real meat, including fat, sinew and fibers. The technology also allows supply chain efficiency and the personalization of products to individual consumer's preferences.
The technology is based on research conducted at the Hebrew University's Faculty of Agriculture.
SavorEat's first product is a plant based hamburger and the company has already signed a cooperation agreement with the BBB burger chain to install the systems in the chain's kitchens. This will be the first pilot project of its kind in Israel, according to SavorEat.
Investors including Gemel, Meitav Dash and Gemel Pensions invested in SavorEat, with the company raising NIS 42.6 million in the IPO from leading Israeli investors.
Between 2017 and 2019, retail sales of plant-based meat grew by about 31%, while retails sales of meat in the US only grew by about 5%, according to a press release by SavorEat. The meat alternatives market is forecast by Barclays Investment Bank to be worth $140 billion in 2029 and to represent 10% of the overall meat market.
"We believe that SavorEat brings genuine good news to the meat alternatives market through the unique technology that we are developing," said SavorEat CEO Racheli Vizman. "Our worldview is that only alternative tastiness, quality and healthiness to meat will succeed in leading to the desired change in reducing meat consumption. We are grateful to our investors who have shown belief in our vision, technology and professional team. We are only at the beginning of our journey, and we are certain that the current capital raising will greatly contribute to the development of the company and allow the presentation of many innovations in the future."