Remilk, an Israeli startup, has acquired $120 million in a Series B fundraising round headed by Hanaco Ventures. The money will be used to help the company achieve its aim of disconnecting milk production from the existing dairy business. Remilk makes dairy-identical milk proteins without the usage of animals by using precision fermentation technology. The procedure begins with a cow’s DNA being copied and inserted into yeast, which utilizes it as a guide to generate milk proteins throughout the fermentation phase. These proteins are extracted and mixed with vitamins, non-animal fats, and sugar to make dairy-like products that aren’t made from cows. The business has also created a patented technique for industrial-scale manufacturing of these proteins.
“It is essential for the future of our planet that we liberate the food chain from dependency on animals. We do so by crafting real dairy that tastes and feels the same, minus the cow… Our mission is bold, and support from these experienced and trusted investors demonstrates the power of Remilk to meet the moment. This funding propels us on our journey to transform the dairy category into one that delivers delicious, nutritious products without harm to people, planet, or animals,” said Aviv Wolff, CEO and co-founder at Remilk.
Remilk estimates that their approach consumes 1% of the land, 4% of the greenhouse gas emissions, and 5% of the water necessary in the standard dairy production process to generate equivalent goods. The additional money will be used to dramatically enhance manufacturing of the company’s dairy-identical protein, which will aid makers of conventional dairy-based goods like cheese, yogurt, and ice cream in developing products that are significantly less detrimental to animals and the environment.
“Remilk is on a mission to transform the alternative protein industry by introducing the next generation of dairy. Not only are Remilk products cleaner and significantly more sustainable when compared to traditional dairy, but they are indistinguishable in taste, feel, and texture… Remilk also employs production methods that are radically more sustainable than traditional production methods today. We have a strong conviction in the founders’ vision and are thrilled to support the talented team on their journey,” said Pasha Romanovski, founding partner of Hanaco Ventures.
Remilk has already partnered with a number of well-known companies, and Wollf claims that the company is ready to “recreate the future of dairy together.”
Removing the Cow
While meat, especially beef, has a massive carbon footprint, dairy isn’t far behind. According to the “Milking the Planet” report published in 2020, the world’s 13 largest dairy farms generate the same amount of greenhouse gasses as the United Kingdom, the world’s sixth largest economy. Fortunately, in addition to Remilk, a number of other firms are taking a similar approach to the problem of dairy production.
Perfect Day, situated in California, is the largest player in the precision fermentation area, having funded $750 million to date to challenge the traditional dairy business. Perfect Day’s technology employs a similar method to create animal-free proteins that may be utilized to create dairy-like goods like ice cream and cheese.
Perfect Day is targeting the dairy market from a variety of angles, including through The Urgent Company (TUC), its consumer packaged products business, which has so far included the ice cream and cake brand Brave Robot and the cheese brand The Modern Kitchen. Perfect Day is collaborating with vendors like Villa Dolce to get dairy items manufactured with its animal-free protein into the menus of colleges, casinos, and resorts.
Perfect Day is also assisting established firms in transitioning their portfolios into the contemporary era, like ice cream company Coolhaus (which was purchased by TUC late last year), which is presently replacing its traditional dairy proteins with Perfect Day’s animal-free version.
Perfect Day is now providing technological development services for startups wishing to follow its proven road of success in order to further disrupt big dairy.
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