The Israeli company produces meat alternatives from an innovative plant based formula, a smart robot for 3D printing, and roasting using advanced cooking methods.
In the first-ever food-tech Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE), SavorEat (TASE: SVRT) has raised NIS 42.6 million (about $13 million) from leading Israeli institutional investors. The offering attracted large demand from investors, including Gemel and Meitav Dash and Gemel Pensions. The company's valuation for the offering was NIS 170 million ($50 million) before money. The offering was led by Psagot Privident and conducted by Leumi Partners Underwriters, which also as underwriters exercised its pricing for the offering, and was supported by Horn & Co. Law Offices.
SavorEat was founded in 2018 by CEO Racheli Vizman, Chief Scientist Prof. Oded Shosayev, and Prof. Ido Braslevsky. The company works with a team of senior consultants and leading partners including the BBB Group. The company's technology is based on research conducted at the Hebrew University's Faculty of Agriculture, and according to an exclusive commercialization license from the University's Yissum technology transfer company.
SavorEat has developed technology for producing meat alternatives, which combines ingredients from an innovative plant based formula, a smart robot that allows producing meat alternatives using 3D printing, and roasting the product using advanced cooking methods.
The company can produce and cook products that imitate the taste and texture of meat (including fat, sinew and fibers). SavorEat has filed a patent claim in several countries including the US, EU and Australia for its 3D food printing manufacturing method. SavorEat believes that the important advantages offered by its technology include supply chain efficiency and the personal adaptation of products to the individual consumer's preferences, untouched by human hands. The company's first product focuses on the development of a plant based hamburger and the technology that the company has developed should allow potential for other sustainable products.
The company has also signed a cooperation agreement with the BBB chain, which includes consultancy in developing the products and installing the systems in the chain's kitchens as part of the development process. Installation of the systems represents the first pilot project of its kind in Israel and will allow the company to test their marketing outside of Israel.