Brevel, an Israeli startup on a mission to transform microalgae into a game-changing alternative protein, announces a major funding milestone of $18.5 million. Backed by NevaTeam Partners, the European Union's EIC Fund, and other leading food and climate funds, Brevel's innovative technology aims to provide a neutral-tasting, sustainable, and affordable protein source for the mainstream food industry. With ambitious expansion plans and a groundbreaking production facility, Brevel is set to revolutionize sustainable nutrition.
The Israeli startup, Brevel, has successfully raised a significant $18.5 million in a game-changing seed funding round. Spearheading the development of microalgae-based alternative protein, the company has secured $8.4 million in converted grants and convertible loans into shares. The funding round was led by NevaTeam Partners, with the strong support of the European Union's EIC Fund, renowned for backing transformative projects such as Woodio. Additional contributions from leading food and climate funds and strategic partners within the food industry reinforce Brevel's mission to redefine sustainable nutrition.
Drawing from Tel Aviv's vibrant tech scene, Brevel plans to harness the funding to create a neutral-tasting, highly sustainable, and cost-effective protein alternative for the mainstream food industry. The company is already scaling its manufacturing capacity with the establishment of the first-of-its-kind commercial factory in Israel. Simultaneously, plans for an expansive facility with a staggering total capacity of 900,000 liters, scheduled for completion in 2025, are underway. This ambitious expansion aims to bring Brevel's protein-rich products to consumers worldwide, with the first offerings expected to hit shelves in 2024.
Yonatan Golan, CEO and Co-Founder of Brevel expressed enthusiasm for the company's bright future, stating, "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. 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 endorsement of NevaTeam Partners' Managing Partner, Shai Levy, further underscores Brevel's potential to lead the global alternative protein industry. With the innovative technology enabling cost-efficient production of high-quality protein extracted from microalgae, Brevel's contributions to sustainable food production are poised to be transformative.
Brevel's innovative proprietary technology leverages sugar-based fermentation and light concentrations in large-scale systems, resulting in a protein that's sustainable, flavor, and color-neutral. This groundbreaking approach makes the protein suitable for various food applications. Furthermore, Brevel's alternative protein costs are on par with traditional plant-based sources, such as peas and soy, making it accessible and competitive in the market.
Embracing the essence of sustainable practices, Brevel's microalgae-based protein eliminates the need for arable land, recycles 100% of the water, utilizes on-site clean energy, and dramatically reduces the land requirements for food production. Brevel's ongoing large-scale 500L pilot in Israel showcases the tangible progress in realizing these sustainable goals.
Brevel's remarkable funding milestone of $18.5 million propels their vision of sustainable protein solutions from microalgae technology into reality. With a dedicated mission to reshape nutrition and revolutionize sustainable food production, the Israeli startup's innovative approach to alternative protein opens the door to a more environmentally-friendly and accessible future. With strong financial backing and a pioneering production facility, Brevel is well-positioned to drive global-scale adoption of their neutral-tasting, sustainable protein, significantly impacting the future of food and the planet.