Gavan, an Acre, Israel-based foodtech startup, raised USD8M in Series A funding.
The round was led by MoreVC, with participation from Lever VC, EIT Food, and DarkBoot Group.
The company intends to use the funds to establish a new pilot production facility in Europe and expand its commercial presence in Europe with focus on the bakery and dairy sectors. The site, which will be built in Cyprus and planned to commence operations in April, 2025 will feature a state-of-the-art production line for Gavan’s alternative fat solution.
Founded in 2018 and led by CEO Itai Cohen, Gavan Technologies specializes in the development of functional ingredients for the food industry. With an emphasis on sustainability, the company offers plant-based protein extraction technology as an environmentally friendly alternative to traditional animal-derived products. Its flagship product is Fatrix®, a multi-texture fat analogue, carefully crafted for the bakery, meat, and dairy markets, offering notable sensorial and nutritional benefits that aligns with Gavan’s responsible ingredient development ethos.
The company previously raised USD2.5M in seed funding.
FinSMEs
10/12/2024