Imagindairy Raises $28M in Extended Funding Round to Scale Alt Dairy – vegconomist
Imaginary, the Israeli food tech developing animal-free milk protein, raised an additional $15 million in its extended funding round, bringing its total raised to $28 million. The increase makes it one of the highest-paying seed cycles in the alternative protein space, with Imagindairy set to use the investment to develop its precision fermentation platform.
“Imagindairy’s technology has the potential to be a key enabler to radically advance the field of precision fermentation”
The extended selection round follows a $13 million funding round announced in November 2021, with investors trusting Imagindairy’s proprietary platform which it claims can significantly amplify protein expression, enabling cost-effective milk protein production without animals . The startup says its solution overcomes one of the biggest barriers to alternative dairy protein production, allowing brands to sell dairy analogues at consumer-friendly prices.
Imagindairy creates animal-free milk protein from microorganisms through its own precision fermentation technology. The technology enables the production of a wide range of dairy analogues, from raw milk to cheese, with the same flavor, texture, functionality and nutritional value as their animal counterparts. Imagindairy aims to be in Israeli retail as early as 2023 following the new investment, with ongoing dialogue with major dairy producers looking to diversify their product portfolios.
“This hugely successful funding round reflects a strong vote of confidence in Imagindairy and its vision to lead the dairy industry without animals,” said Eyal Afergan, co-founder and CEO of Imagindairy. “This substantial injection of capital will serve to advance our ability to make real dairy alternatives a daily reality.”
“Imagindairy’s technology has the potential to be a critical catalyst for radically advancing the field of precision fermentation, making animal-free dairy accessible and easily accessible to everyone,” adds Jonathan Berger, CEO of The Kitchen FoodTech. Hub.