SavorEat, an Israeli-based 3D- printed meat company, announced this week that it has launched a new start-up venture called Egg’n’up (hat tip: Green Queen). The plant-based egg brand will be created with support from Millennium Food-Tech, an Israeli venture capital firm dedicated to funding food tech startups. So far, Millennium Food-Tech has funded Egg’n’up with $2.5 million USD.
The plant-based egg market is not as robust as alternative milk and meat alternative categories, yet it is steadily experiencing growth. The Good Food Institute estimates that the plant-based egg sector is currently worth $27 million, and from 2019-2020 it experienced a growth rate of 168 percent.
The start-up shared that it has plans to debut its first product at the end of 2022. The alternative egg will be crafted from cellulose-based raw materials. Egg’n’up, like SavorEats, will first distribute its products through B2B channels before offering the plant-based egg to consumers and launching retail products.
Egg’n’up will face competition from a few other plant-based egg companies. Evo Foods, located in India, is extracting protein from lentils to create a liquid plant-based egg. Singapore-based Float Foods is developing a legume-based plant-based egg, called OnlyEg, complete with both the yolk and whites. Eat Just’s liquid egg product is now available in both the U.S. and Asia, and the company is building a production facility in Singapore.
Egg’n’up will be operating independently of SavorEats, but for the time being, the venture is being led by SavorEat cofounder Oded Shoseyov. The brand is building out its team, and currently hiring for positions of CEO and Vice President of Research and Development.
UPDATE: The article originally stated that plant-based egg will use SavorEat’s patent-pending 3D printing technology using cartridges filled with a mixture of nano-cellulose fiber and other undisclosed plant-based ingredients. The article has been updated to state that the plant-based egg will actually be made from cellulose-based raw material.