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FoodTech BioBetter raises $10 million in series A funding

by Babu Patil
FoodTech BioBetter raises $10 million in series A funding

BioBetter, a protein production platform, raised $10 million in series A funding. 

Jerusalem Venture Partners led the round with additional investment from Milk and Honey Ventures and the Israeli Innovation Authority (IIA).

The startup intends to use the fresh capital injection to scale up production of cultivated meat, make it accessible to consumers globally and protect our planet.

BioBetter has pioneered a unique protein manufacturing platform for producing growth factors (GFs) using tobacco plants (Nicotiana tabacum) as natural, self-sustaining, animal-free bioreactors. The field-grown tobacco plants offer a new, sustainable, efficient, and flexible response to the market need for more competitively priced GFs, specifically insulin, transferrin, and FGF2. 

The startup harnesses the inherent advantages of tobacco plants as bioreactors for creating the growth factors necessary for the cellular development of cultivated meat.

“Biobetter has the potential to create global and regional impact. Closer to home, this venture will create a significant new source of income for local farmers,” said Nisan Zeevi, Director of JVP and VP of Margalit Startup City Galil.

Nisan Zeevi added: “As cellular agriculture 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.”

BioBetter will expand to a larger pilot plant within the Tel Hai Industrial Park in the Upper Galilee Region of Israel. The establishment of the new site will substantially increase its tobacco plant-processing capacity, enabling it to meet its current pool of commissions from cell-based meat cultivators globally. The new funding also will be applied to broaden BioBetter’s product portfolio of growth factors. BioBetter is currently recruiting sufficient new talent to double its workforce.......