FoodTech startup Imagindairy has secured an additional $15m in an extended seed-round. The initial round in November 2021 brought in $13m.
The funding was led by Target Global and joined by the company’s existing investors Strauss Group, Emerald Technology Ventures, Green Circle Foodtech Ventures, Collaborative Fund, New Climate Ventures, and FoodSparks by PeakBridge, demonstrating a robust commitment to the company’s future progress.
The startup uses proprietary precision-fermentation technology to create animal-free milk proteins from microorganisms. The technology enables the production of several dairy analogs, from raw milk to cheese, without involving animals. The dairy proteins are non-GMO, cholesterol-free, and are claimed to offer the same flavour, texture, functionality, and nutritional value as proteins derived from cows.
The company’s platform reportedly amplifies protein expression, improving production efficiency for the proteins. This allows brands to sell analog dairy products at consumer-friendly prices, Imagindairy says.
“This extremely successful seed round reflects a strong vote of confidence in Imagindairy and its vision to lead the animal-free dairy industry,” said Eyal Afergan, co-founder and CEO of Imagindairy. “This substantial injection of capital will serve to advance our ability to make true dairy alternative products a day-to-day reality.”
The seed round will be used to accelerate the company’s R&D efforts. It also will help attract additional talent to its workforce.
“We are excited to be able to back the Imagindairy team who have made incredible inroads in creating dairy products that don't rely on industrialised animal agriculture but offer the same level of functionality and nutrition,” says Shmuel Chafets, Executive Chairman and Founder at Target Global. “It is becoming increasingly clear that, given the climate crisis and growing shortage of food, our dietary patterns and habits must change. Animal-free dairy has the potential to become one of the most environmentally impactful industries on the planet."
