The funding will accelerate the production of cell-cultured meat for which BioBetter has pioneered a protein manufacturing platform for producing growth factors (GFs) using tobacco plants.
BioBetter, Ltd. (KiryatShemona, Israel)secured $10 million in funding from it’s A- round funding, led by Jerusalem Venture Partners (JVP) with additional investment from Milk and Honey Investments, LLCand the Israeli Innovation Authority (IIA). The funding will accelerate the production of cell-cultured meat for which BioBetter has pioneered a protein manufacturing platform for producing growth factors (GFs) using tobacco plants (Nicotiana tabacum) as natural, self-sustaining, animal-free bioreactors to create cultivated meat commercially.
“Biobetter has the key to scale up production of cultivated meat, make it accessible to consumers globally and protect our planet,” said Erel Margalit, founder and executive chairman of JVP & Margalit Startup City, in a press release. “This is not only because of the sheer volumes of GFs it can produce but also by virtue of its ability to substantially reduce their cost.”
BioBetter will expand to a larger pilot plant that will substantially increase its tobacco plant-processing capacity, enabling it to meet its current pool of commissions emanating from cell-based meat cultivators globally.
“Biobetter has the potential to create global and regional impact,” stated Nisan Zeevi, director of JVP and vice president of Margalit Startup City Galil, in a press release. “Closer to home, this venture will create a significant new source of income for local farmers. As cellular agricultural expands, we will dedicate some 500 acres here in the galilee of tobacco plantations to support the industry. This also helps growers find new purpose in the burgeoning alternative protein scene following a reduction in smoking over the last decade that has left many tobacco fields idle and tobacco farmers suffering financial loss.”
Amit Yaari, PhD, CEO of BioBetter, said in a press release that “cultivated meat offers a promising solution to these problems and can ensure a more resilient supply chain with better economic and environmental returns.”