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December 3, 2020

Israel alt-meat firm SavorEat targets growth after IPO

SavorEat, an Israel-based alt-meat start-up, has detailed its future plans after listing on the Tel Aviv Stock Exchange.

By Leonie Barrie

SavorEat, an Israel-based start-up specialising in alt-meat products, is looking to build its its presence in the country’s foodservice sector after listing on the Tel Aviv Stock Exchange.

The business, which has developed technology to produce meat alternatives, has inked a deal with local hamburger chain BBB which will see its products sold in the fast food outlets next summer on a pilot scheme basis.

The company already supplies a number of restaurants and fast food chains in its domestic market.

Plans for expansion also include having a retail presence and “building partnerships in the global market”.

SavorEat, which describes itself as a food-tech company, is looking to expand after completing an IPO which raised around US$13m. Prior to making its market debut the company had already been backed to the tune of around $5.5m by investors including Millennium Food-Tech.

Much of the take-up for its IPO came from sector specialist and institutional investors including Gemel, Meitav Dash and Gemel Pensions.

SavorEat was founded in 2018 by CEO Racheli Vizman, chief scientist Professor Oded Shosayev and Professor Ido Braslevsky. The company’s technology is based on research conducted at the Hebrew University’s Faculty of Agriculture. 

It has developed a technique for producing meat alternatives which combines ingredients from a plant-based formula and a smart robot that allows producing meat alternatives using 3D printing.

The company has filed a patent claim in several countries including the US, nations in Europe and Australia for the 3D food printing manufacturing method. 

SavorEat’s first product focuses on the development of a plant-based hamburger. 

Vizman said: “We believe that SavorEat brings genuine good news to the meat alternatives market through the unique technology that we are developing. Our worldview is that only alternative tastiness, quality and healthiness to meat will succeed in leading to the desired change in reducing meat consumption.”

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