Aquaculture for all

Brevel raises $18.5 million to develop microalgae-based alt-protein

Microalgae Alternative proteins Startups +1 more

Brevel, a leading microalgae-based alt-protein company, has completed its seed funding round of $18.5 million, which will be used to provide a neutral-tasting, highly sustainable and affordable alternative protein for the mainstream food industry.

The Golan brothers, Brevel's co-founders

(L-R) Yonatan Golan, CEO; Ido Golan, CTO; and Matan Golan, COO

Brevel's technology is the first in the world to combine sugar-based fermentation of microalgae with high light concentrations at industrial scales to produce a protein that will be incorporated by food manufacturers into plant-based products.

This technological breakthrough tackles the primary barriers to market penetration for new protein sources: taste, functionality, and cost. As a result, Brevel’s proteins are increasingly in demand by food manufacturers for a wide variety of applications, and, according to the company, will enable the development of healthier, tastier and environmentally friendly non-animal food products.

The company is primarily targeting the dairy alternative sector, which faces a significant challenge in protein content. Other plant-based protein sources such as soy are allergenic and often have overpowering flavours, making them less efficient for use in plant-based milk and cheese products. In contrast, Brevel's protein can be seamlessly incorporated, significantly boosting nutritional value and enhancing texture without compromising on taste, colour, or cost.

Brevel is achieving cost parity with traditional plant-based protein sources such as pea and soy by utilising its unique technology to generate valuable co-products alongside the high concentration of functional protein from microalgae, such as functional lipids, pigments and more. This approach enables Brevel to attain almost triple the profitability from the same microalgae, making it feasible to price the protein competitively in the market.

The company has been operating its large-scale 500-litre pilot in Israel and will soon move into their first of commercial-scale factory with the first-of-its-kind 5000-litre fermentation and light system.

“This substantial funding round will fuel Brevel’s journey forward and pave the way for our vision of sustainable nutrition for the future of our planet to materialise,” said Yonatan Golan, CEO and co-founder of Brevel, in a press release. “We are primed and ready for our next major leap – the global scale production of Brevel's protein that will be integrated into healthier, tastier and environmentally friendly food products in every household”.

“Having followed Brevel’s impressive developments and achievements in recent years, we believe that Brevel will be one of the leading companies in the global alternative protein industry and we are excited to join their journey towards that goal," added Shai Levy, managing partner at NevaTeam Partners, who will also be joining Brevel’s board.

The seed funding round was led by NevaTeam Partners and supported by the European Union’s EIC Fund, as well as other leading food and climate funds and strategic partners from within the food industry.

Brevel's seed funding totals $18.5 million, including $8.4 million converted from grants and convertible loans into shares.