Brevel expands seed round to US$25 million through warrant exercise

Microalgae-based protein developer Brevel has extended its seed round to a total of US$25 million following the exercise of investor warrants. The latest funding, totaling over US$5 million, follows the company’s initial seed round closure in June 2023 and is intended to accelerate its commercial rollout and scale production for food and beverage applications.

The expanded round was driven by existing investors choosing to exercise their warrants, which had been issued during the previous round. Investors such as NevaTeam Partners, Siddhi Capital, the European Union’s EIC Fund, Good Protein Fund, The Food Tech Lab, and PVS Investments participated. New investors also joined under the same terms.

"Our investors chose to reinvest, based on Brevel's impressive progress following the last round," commented Yonatan Golan, Co-founder & CEO of Brevel. "We are dedicated to delivering nutritious protein that can replace animal protein in formulations. Our vision as a climate food-tech startup is to reduce the carbon footprint to minimum by developing affordable, flavor-neutral and functional microalgae protein at global scales for consumers. It ticks all the boxes: it’s good for the people, good for our customers, and good for the planet."

Recent milestones for Brevel include the completion of a first-of-a-kind (FOAK) commercial facility, successful scale-up to a 5,000-liter production volume, and a commercial and joint development agreement with The Central Bottling Company (CBC Group). The company has also made advances in developing protein and polar lipid ingredients derived from microalgae.

The new funds will support commercial outreach and the company’s efforts to secure joint ventures for future production lines. Brevel also aims to establish offtake agreements with customers as it prepares for larger-scale production.

"At NevaTeam Partners, we invest in visionary companies that redefine industries, and Brevel is a perfect example of bold innovation," said Shai Levy, Partner at NevaTeam Partners and a board member at Brevel. "The shareholders' decision to exercise their warrants is a strong vote of confidence in Brevel’s mission and execution. We believe their technology will play a pivotal role in shaping the future of alternative proteins, and we are excited to continue supporting their journey toward that."

(From left to right, main picture shows Ido Golan, CTO, Matan Golan, COO and Yonatan Golan, CEO. Photo courtesy of Aviram Waldman)