Animal-free dairy company Imagindairy has secured an additional $15 million in a seed extension round, as it looks to scale up production.
The initial round last year brought in $13 million, meaning the company has now raised a total of $28 million in seed investment capital.
The funding was led by Target Global, and joined by existing investors Strauss Group, Emerald Technology Ventures, Green Circle Foodtech Ventures, Collaborative Fund, New Climate Ventures and FoodSparks by PeakBridge.
Imagindairy creates “animal-free milk proteins from microorganisms via proprietary precision fermentation technology,” allowing for the production of a variety of dairy products, including raw milk and cheese.
The Israeli company’s dairy proteins are non-GMO, cholesterol-free and offer the same flavour, texture, functionality and nutritional value as their conventionally produced counterparts.
Eyal Afergan, co-founder and CEO of Imagindairy, said: “This extremely successful seed round reflects a strong vote of confidence in Imagindairy and its vision to lead the animal-free dairy industry. This substantial injection of capital will serve to advance our ability to make true dairy alternative products a day-to-day reality.”
The new funds will be used to expand Imagindairy’s team and accelerate the company’s research and development efforts, as it looks to launch a range of dairy products made without the use of animals.
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