Remilk, an innovative food startup reimagining the dairy industry, has secured $120 million in Series B funding, led by NY-based Hanaco Ventures. The funding establishes Remilk as a primary player in the emerging cultivated dairy category and enables the Company to immediately scale production of its dairy-identical milk protein for commercial use by manufacturers in traditionally dairy-based products including cheeses, yogurt, and ice cream.
"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, CEO and co-founder at 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. Already, we are engaging with dozens of companies, including some of world's most popular brands, to recreate the future of dairy together."
In addition to Hanaco Ventures, the oversubscribed round includes investments from Precision Capital, Rage Capital, CPT Capital, Intercap, OurCrowd, Aliya Capital, Chartered Group, Indorama Ventures, Tal Ventures, Fresh Fund, Idan and Gil Ofer, Izaki Ventures, and Paradigm Shift Fund.
On a mission to reimagine dairy for the future, Remilk pioneered a remarkably scalable, yeast-based fermentation process which produces animal-free milk proteins that are indistinguishable in taste and function from cow milk proteins, but free of lactose, cholesterol, and growth hormones. The patented process has a drastically reduced environmental impact; Remilk estimates its process uses 1% of the land, 4% of the GHG emissions, and 5% of the water required to produce comparable products in the traditional dairy manufacturing process.
The funding comes at a pivotal stage for the promising category and will accelerate the Company's manufacturing capabilities, unlocking its ability to commercialize Remilk at scale to meet the needs of food manufacturers. Unlike plant-based alternatives which can fall short in flavor, texture, nutrition, or sustainability, Remilk seamlessly replaces milk-based ingredients in any product. Remilk proteins have the same characteristics, nutrition and flavor profile, ability to melt, stretch and blend as animal milk proteins. The company plans to have products featuring Remilk in the marketplace later this year.
"Remilk is on a mission to transform the alternative protein industry by introducing the next generation of dairy. Not only are Remilk products cleaner and significantly more sustainable when compared to traditional dairy, but they are indistinguishable in taste, feel, and texture," said Pasha Romanovski, founding partner of Hanaco Ventures. "Remilk also employs production methods that are radically more sustainable than traditional production methods today. We have a strong conviction in the founders' vision and are thrilled to support the talented team on their journey."
According to a Cargill study, 63% of the adult population are actively avoiding or reducing dairy consumption because of lactose intolerance or dairy sensitivity. Others are reducing consumption of saturated fat (24%,) or making choices based on environmental (15%,) or animal care concerns (20%.)