SavorEat, the Israeli startup developing a 3D printing platform for plant-based meat alternatives, has had an initial public offering (IPO) on Tel Aviv Stock Exchange (TASE), raising NIS 42.6 million ($13 million) in funding.
The company is the second 3D meat-printing startup to go public this year, but will be the first company focused on plant-based meat analogs to trade on Israel’s stock exchange. The first meat printing startup, MeaTech (trading as Meat-Tech 3D Ltd), is developing technology for printing cultured steak.
The IPO comes on the heels of $5.5 million in venture funding raised earlier this year, including a $3 million funding round raised this summer. According to the company, they plan on using the IPO funds to continue developing its technology, which is unique in that it both prints and cooks the meat simultaneously.
From The Spoon’s earlier post on SavorEat:
SavorEat’s technology prints and cooks simultaneously, which allows the company’s printers to make a fully cooked piece of 3D printed meat like you might see produced by a futuristic appliance like that in the TV show Upload.
The food comes out “ready to be eaten,” said Racheli Vizman, company CEO. “We’re printing one layer, then we cook one layer, print one layer, cook one layer. So at the end, you get something that’s ready to be consumed.”
I caught up with Vizman via email to ask her about why she decided to take SavorEat public. You can see her answers below:
Why did you decide to go IPO vs. raise venture funding for more financing?
Vizman: Going IPO has some additional advantages, such as the recognition of the potential we have as a company in the local ecosystem as well as the potential of the foodtech market, this brings a lot of new growing and business opportunities locally and globally, access to capital in the future and the money we raised will help us to continue to develop our technology, product and market penetration.
How big a deal is it to be publicly traded in Israel? In the US, it takes quite a bit of work in advance to prepare for an IPO for NASDAQ or the NYSE.
Vizman: Since I have experience in preparing for an IPO in Nasdaq (in Beyond Air), the requirement are more or less similar while the timeframe in TASE is shorter. Putting this aside, it is a very big deal on its own as there have been just a very few IPOs in TASE in the past year, being one of this few showcases the importance of the company’s activity for the local market.
What do you plan to do with the money?
Vizman: To boost the development activities, adding additional pilots testing and support commercialization. We are also in the stage in which we are looking for global partnerships (with a focus on the US market) and we hope this recognition of TASE will boost that as well.
Is being public similar to the US where you have to report financial results every quarter?
Vizman: Yes it is more or less similar but for medium size companies we need to report every 6 months