Gavan has raised $8 million in Series A funding to establish its first pilot production plant in Europe and enhance its innovative plant-based food technology.

Target Information

Gavan, a pioneering company in the food technology sector, has successfully raised $8 million in Series A funding. The investment round was led by the Israeli venture capital firm MoreCV, with additional contributions from Lever VC, a specialist in food and agri-tech investment, and DarkBoot Group, a private equity firm. Gavan is set to establish its first pilot production plant in Europe, scheduled for launch in April 2025, which will have a manufacturing capacity of 200 metric tons.

According to Itai Cohen, co-founder and CEO of Gavan, the funds raised will facilitate the construction of production facilities adjacent to their strategic customers, potentially in both the US and Europe. This funding is pivotal as it will allow Gavan to engage directly with customers, enabling the testing of their innovative products and gauging consumer reactions.

Industry Overview

The plant-based food sector, particularly in the United States, is witnessing a significant transformation following the initial consumer enthusiasm during the pandemic. Recent statistics indicate that sales of plant-based dairy alternatives reached $16.8 million for the year ending August 10, 2024, reflecting