Israel-based foodtech company Wilk is looking to acquire the activities of local bee-free honey maker Beeio Honey Technologies.
Wilk said it had signed a memorandum of understanding to buy Beeio Honey Technologies, a subsidiary of fellow publicly-listed start-up Beeio Honey.
In a stock-exchange filing, Wilk said it plans to raise at least NIS3m ($800,000) before the move is completed, as one of the conditions of the deal, to finance Beeio Honey Technologies’ operations.
The two companies share a group of founders led by Yaron Kaiser, who is the chairman at Wilk, and a shareholder at Beeio Honey, according to Israel-based news outlet Globes.
“The two companies have different and complementary technologies. Their offices are next door and the teams know each other. For me, a merger was always a possibility. We know where to raise capital, and we understand the way to reach the market and we will do everything possible,” Kaiser told the publication.
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Wilk, founded in 2020, produces cell-cultured human breast milk and animal milk. It expects to start selling its products by 2026. Beeio Honey is developing honey without bees.
Tel Aviv-based Wilk has a number of patent applications, and one approved patent, on laboratory production processes that replicate the milk-producing cells of humans and other mammals.
Earlier this year, Danone confirmed it had invested in Wilk. The French giant said the company aligned with its goal to partner with “mission-driven” food and beverage businesses that are “creating a healthy and sustainable future”.
Wilk has so far raised $14m, according to an investor presentation issued last month. Danone has put $2m into the business.
Among Wilk’s other investors is The Central Bottling Company, which bottles Coca-Cola products in Israel. CBC invested $1.5m in Wilk.
The company reported a loss of NIS17m in 2022.