Microalgae-based alternative protein developer Brevel secures $18.5 million in Seed funding round

Microalgae-based alternative protein developer Brevel secures $18.5 million in Seed funding round

Israeli startup Brevel has successfully completed its Seed funding round, raising $18.5 million. The funding was led by NevaTeam Partners and supported by the European Union’s EIC Fund, along with other prominent food and climate funds and strategic partners from the food industry. Of the total funding, $8.4 million came from the conversion of grants and convertible loans into shares.

Brevel specializes in developing microalgae-based alternative protein, and their technology is a unique combination of sugar-based fermentation of microalgae with high light concentrations on an industrial scale. The aim is to produce a protein that food manufacturers can incorporate into plant-based products. The primary focus is on the dairy alternative sector, which faces challenges in protein content. Unlike other plant-based protein sources like soy, Brevel’s protein is not allergenic and does not have overpowering flavors. This makes it highly suitable for use in plant-based milk and cheese products without compromising taste, color, or cost.

Founded in 2017 by three brothers – Yonatan, Matan, and Ido Golan – each holding the positions of CEO, COO, and CTO respectively, Brevel is growing steadily. The company currently has 25 employees and is scaling up its manufacturing capacity with a commercial factory in Israel. Additionally, plans are underway for a much larger facility, expected to be operational by 2025, with a total capacity of 900,000 liters. At present, they are operating a 500-liter pilot plant in Israel, and soon they will transition to their first commercial-scale factory, equipped with a 5,000-liter fermentation and light system. The company anticipates that its first products, incorporating Brevel’s protein, will hit the shelves in 2024.

Yonatan Golan, the CEO and Co-Founder of Brevel, expressed excitement about the funding, emphasizing that it will accelerate Brevel’s progress towards their vision of sustainable nutrition for the future. Their goal is to integrate their protein into healthier, tastier, and environmentally-friendly food products available in households worldwide. The company’s innovative technology and promising growth prospects position it as a key player in the plant-based protein industry, offering solutions for the evolving demands of consumers and the planet.