Cultivated Dairy Startup Raises $120 million for Cow-Free Milk
“We don’t need the ‘rest of the cow,’ and we surely don’t need to spend resources in the process of creating a 900-kilogram animal.”
Remilk, an Israeli food-tech startup that makes animal-free dairy proteins using precision fermentation, has secured an additional $120 million in a Series B funding round led by Hanaco Ventures.
The alt-milk company has seen its valuation surge more than tenfold in just one year and says it will use the funding to scale production of its cow-free, dairy-identical proteins for commercial use in products such as ice cream cheese, and yogurt.
“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 Aviv Wolff, co-founder and CEO of Remilk. “Our mission is bold, and support from these experienced and trusted investors demonstrates the power of Remilk to meet the moment. 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."
According to Wolff, Remilk is already engaging with some of the world's most popular brands to “recreate the future of dairy together."
Founded in 2019, Remilk produces milk proteins via a fermentation process. The end result is 100% “chemically identical” to cow's milk, but without cholesterol, lactose, antibiotics, growth hormones. It also removes the need to farm, raise, and slaughter cows for dairy. “We don’t need the ‘rest of the cow,’ and we surely don’t need to spend resources in the process of creating a 900-kilogram animal,” said Wolff.
Remilk is also far more sustainable and eco-friendlier than animal-based dairy systems, requiring 1% of the land, 4% of the feedstock, and 10% of the water to produce than comparable dairy products
The alt-dairy company has already has set up production facilities in Europe and the U.S. and is working to have products with its proteins on the market this year.
Other companies using fermentation to create dairy proteins without cows include Perfect Day, New Culture Foods, and Change Foods.
Did you know?
91% of rainforest areas cut down each year are to create space for raising cattle,
Animal-based dairy requires more than 1,000 liters of water to produce only one liter of milk,
Animal agriculture causes approximately 14.5-18% of greenhouse gas emissions – more than the entire global automotive industry.
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The news comes just weeks after H5N1 bird flu was identified for the first time among dairy cattle in Texas and Kansas.