Israeli startup Plantish, which is developing plant-based fish, has raised millions in a seed funding round, the company announced this week.
Plantish took in $12.5 million (€11.3 million) in a round led by venture capital firm State Of Mind Ventures. Other participants included venture firm Pitango Health Tech, alternative food investor Unovis and Israel-based TechAviv Founder Partners.
The recent round follows the startup’s $2 million (€1.8 million) pre-seed round last June.
The funding will be used to expand the Plantish team and increase R&D efforts as it works toward its first product launch.
The company intends to roll out its first product, whole cut salmon, in foodservice within the next two years. The salmon will also be available at pop-up locations by the end of 2022, the company said.
Plantish CEO Ofek Ron told IntraFish earlier this year the selection of salmon was an easy one.
"It is a market worth $50 billion (€44.3 billion) globally, so it's the product most desired by everyone," Ron said.
"When someone sees salmon they get hungry. It is like the burger of the fish world."
When the product launch will take place in the US market and the alternative seafood item will be priced to compete with traditional salmon. The company will begin production on a machine capable of producing 20 kilos an hour, followed by a second machine that will produce 500 kilos an hour.
"The future of the seafood industry is a sustainable future when you don't have to get salmon out of the sea in Norway and put it on a plane to the US," Ron said.
"It is a future where your salmon is made in a factory next door to the supermarket you shop in. We are working towards a future where there is no seafood at all."
