Led by Psagot Provident Funds and Pension Funds, both institutional investors, the money will help the company fund its recent €1 million (USD$1.2 million) investment in Antwerp-based Peace of Meat, a cultured fat developer. Pending milestone achievements, Meat-Tech 3D plans on acquiring Peace of Meat for about $17.5 million over the next two years.
“The Investment in Meat-Tech aligns with our investment strategy focusing on high impact companies,” says Gat Megiddo, VP of Investments at Psagot in a statement. “Companies which we believe have great economic potential, as well as a potentially huge contribution to the environment. Meat-Tech has made impressive progress with its development pipeline, in addition to the strategic acquisition that the company is working to complete. The acquisition promotes a foothold in the global protein alternatives market which is showing great momentum.”