TEL AVIV, ISRAEL — Alternative protein startup Brevel has raised $18.5 million in seed financing.
The company said its proprietary technology combines sugar-based fermentation of microalgae with a high concentration of light at industrial scales to produce protein that is affordable, neutral in color and flavor, functional, sustainable and scalable. Brevel is targeting the dairy alternative sector, having identified challenges with popular sources of plant-based protein, either with overpowering flavors or among the major food allergens.
The company operates a 500-liter pilot plant in Israel and plans to move soon into its first commercial-scale factory with a 5,000-liter fermentation and light system. Additionally, it is preparing for the construction of a facility with a total capacity of 900,000 liters that is expected to open in 2025. The first products incorporating Breven’s protein are slated to launch next year.
By generating valuable co-products alongside its protein such as functional lipids, pigments and more, Brevel said it expects to expand profitability and achieve cost parity with pea and soy protein.
“This substantial funding round will fuel Brevel’s journey forward and pave the way for our vision of sustainable nutrition for the future of our planet to materialize,” said Yonatan Golan, chief executive officer and co-founder of Brevel. “We are primed and ready for our next major leap — the global scale production of Brevel’s protein that will be integrated into healthier, tastier and environmentally-friendly food products in every household.”
The funding round was led by NevaTeam Partners with participation by the European Union’s EIC Fund as well as other food and climate funds and strategic partners within the food industry.
“Having followed Brevel’s impressive developments and achievements in recent years, we believe that Brevel will be one of the leading companies in the global alternative protein industry, and we are excited to join their journey toward that goal,” said Shai Levy, managing partner at NevaTeam Partners, who also will be joining Brevel’s board. “We believe that Brevel’s innovative technology enables the cost-efficient production of high-quality protein extracted from microalgae, which is crucial for the future of sustainable food production.”Enjoying this content? Learn about more disruptive startups on the Food Entrepreneur page.
