Brevel Raises $18.5M to Fuel the Plant-Based Sector with Sustainable Microalgae Proteins
Israeli fermentation company Brevel announces it has closed an $18.5 million seed funding round to produce and launch into the market its microalgae-based proteins suitable for F&B plant-based applications. Established in 2016 by three brothers, Yonatan (CEO), Matan (COO), and Ido Golan (CTO), Brevel has developed a sugar-based fermentation tech that uses microalgae and light in industrial-scale systems to produce sustainable and functional proteins without using agricultural land. NevaTeam Partners and the European Union’s EIC Fund backed Brevel in this round. Other participants included leading food and climate funds and strategic partners from the food industry. Brevel’s seed funding includes $8.4 million converted from grants and convertible loans into shares. In June 2022, Brevel received funding from the EU’s Horizon 2020 program and Israel’s Innovation Authority in the form …