Brevel completes $18.5 million Seed round to develop alternative protein from microalgae
Brevel completes $18.5 million Seed round to develop alternative protein from microalgae
The Israeli startup’s technology combines sugar-based fermentation of microalgae with high light concentrations at industrial scales to produce a protein that will be incorporated by food manufacturers into plant-based products
Brevel, which develops microalgae-based alternative protein, announced on Tuesday that it has completed its Seed funding round of $18.5 million. The round was led by NevaTeam Partners and supported by the European Union’s EIC Fund, as well as other leading food and climate funds and strategic partners from within the food industry. The funding includes $8.4 million converted from grants and convertible loans into shares.
Brevel's technology combines sugar-based fermentation of microalgae with high light concentrations at industrial scales to produce a protein that will be incorporated by food manufacturers into plant-based products. The company is primarily targeting the dairy alternative sector, which faces a significant challenge in protein content. Other plant-based protein sources such as soy are allergenic and often have overpowering flavors, making them less efficient for use in plant-based milk and cheese products. In contrast, Brevel's protein can be incorporated without compromising on taste, color, or cost.
Brevel was founded in 2017 by three brothers Yonatan, Matan, and Ido Golan who each serve as CEO, COO, and CTO respectively.
The company, which currently employs 25 people, is scaling its manufacturing capacity with a commercial factory in Israel and preparing for the construction of an additional much larger facility with a total capacity of 900,000 liters planned for 2025. It currently operates a 500-liter pilot in Israel and will very soon move into its first commercial-scale factory with a 5,000-liter fermentation and light system. The first products incorporating Brevel’s protein are expected to be on shelves during 2024.
“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, CEO 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.”
