REHOVOT, ISRAEL — Food tech startup Forsea Foods, Ltd. has raised $5.2 million in a seed funding round let by Target Global, a Berlin-based private investment firm. Other supporters of the round include The Kitchen FoodTech Hub, PeakBridge VC, FoodHack, Zora Ventures, and Milke & Honey Ventures.
Funding from the round will go toward Forsea’s development of cultured seafood alternatives and its first product, an eel meat replacement for use in dishes like kabayaki and sushi. The eel alternative was created using the company’s non-GMO, organoid platform that requires fewer bioreactors than traditional cell culturation techniques, making it simpler and more cost effective, according to the company.
“Our investors express their trust in our game-changing technology for producing seafood with a minimal footprint on the environment,” said Roee Nir, chief executive officer of Forsea. “The patented organoid technology allows us to contribute to a safe and more resilient food system consumers demand.”
Forsea also plans to open its first pilot plant for large-scale production in 2023 using some of the seed funding. The company expects the remaining funds will go toward accelerating research and development for both its eel product and other fish replacements.
“Depletion of world fisheries is a major threat to our food security,” said Amir Zaidman, chief business officer of The Kitchen Hub. “For this reason we teamed up with Nir and the founding team and backed Forsea from its inception at The Kitchen. We are proud to continue our support and to participate in the seed round of Forsea as it continues to attain its goals.”