TEL AVIV, ISRAEL — Brevel, an alternative protein startup, has raised $8.4 million in seed funding.
Founded in 2017, Brevel produces microalgae-based protein that is affordable, neutral in color and flavor, functional, sustainable and scalable, according to the company. Brevel’s proprietary technology combines sugar-based fermentation of microalgae with a high concentration of light at industrial scales and is based on indoor, sterile and fully automated systems. The process reduces the cost of producing microalgae by more than 90%, while existing options for microalgae as an alternative protein have high costs as well as flavor barriers, according to the company.
Brevel will use the proceeds to build a commercial pilot facility set to open later this year, as it prepares for the next stage of mass production.
“For the first time Brevel will be providing a truly sustainable solution that is not only tasty and blends perfectly into different food applications to increase their nutritional value, but is also at an affordable cost that puts it on the path for global-scale mainstream adoption,” said Yonatan Golan, chief executive officer and co-founder of Brevel.
Backers of Brevel include FoodHack, Good Startup VC, Tet Ventures and Nevateam Ventures, along with other prominent food technology investors. The round also includes funding from the Horizon2020 and Israel’s Innovation Authority in the form of non-dilutive grants.
“Seeing Brevel’s achievements over the last few years, we are convinced that Brevel not only has great product-market fit, but that they have what it takes to become a market leader,” said Arman Anaturk, CEO and co-founder of FoodHack. “Brevel’s scalable solution has the potential to help millions of people around the world eat dairy-free products that have excellent nutritional values at the right price. Our decision to invest in Brevel is an easy one, and we are pleased to support Yonatan and his team on the journey.”
