Emerald portfolio company Imagindairy extends seed round to fund innovative dairy alternatives

Zurich, Switzerland: Emerald Ventures, a pioneer in industrial technology venture capital, announced Wednesday that it joined a $15 million seed round extension into Israeli food technology firm Imagindairy. The investment is a signal of Emerald’s belief that the insurgent startup will shake up the dynamic market for animal-free dairy, as the world accelerates its search for low-carbon alternatives to traditional food.

Imagindairy, which creates milk proteins through the use of precision fermentation, leverages proprietary machine learning technology to reach high production of protein, thereby ramping up potential yield. This allows Imagindairy to unlock the potential of precision fermentation technology to offer consumers guilt-free products at affordable prices.

The use of animal-free dairy proteins creates products that have the great familiar taste, mouthfeel and nutritional value of dairy products. Crucially, the process is far less carbon-intensive compared with raising traditional dairy cows, whose products are responsible for heavy greenhouse gas emissions. Imagindairy estimates that its process can reduce greenhouse gas emissions by at least 90%, compared with traditional agricultural processes.

The funds raised in this extension bring the total seed round—the first stage of which was announced in November 2021 and also included Emerald’s participation—to $28 million. The funds will be used to accelerate Imagindairy’s R&D efforts to launch a range of animal-free products and attract additional talent to its expanding workforce. Imagindairy is currently in dialogue with major dairy food producers seeking to diversify their product portfolios.

“Imagindairy continues to impress us,” says Emerald partner Markus Moor. “We are excited about the next chapter in their growth and look forward to helping them bring their innovations to market.”

“This extremely successful seed round reflects a strong vote of confidence in Imagindairy and its vision to lead the animal-free dairy industry,” says Eyal Afergan, co-founder and CEO of Imagindairy. “This substantial injection of capital will serve to advance our ability to make animal-free dairy products a day-to-day reality.”


About Emerald Technology Ventures

Emerald is a globally recognized venture capital firm building a sustainable future at the crossroads of industry and technology. Founded in 2000, it is a pioneer in open innovation, providing multi-national corporations with rich deal flow and insight in the sectors and markets of tomorrow. Emerald has managed and advised assets of over €1 billion from its offices in Zurich, Toronto and Singapore. The firm is dedicated to tackling big challenges in climate change and sustainability via over 500 venture transactions and five third-party investment mandates, including loan guarantees to over 100 start-ups. www.emerald.vc



About Imagindairy

Imagindairy is reinvigorating the dairy industry by producing sustainable, guilt-free, animal-free dairy milk proteins. The company was co-founded by a team of scientists and industry experts and utilizes 15 years of research in evolutionary genomics for the advancement of high-yield protein expression and production. The use of advanced computational and molecular biology technologies enables Imagindairy to develop cost-effective processes that overcome considerable barriers in the emerging precision fermentation industry. Imagindairy is on a mission to bring a future of new possibilities and innovation to dairy lovers worldwide. imagindairy.com