Farmed scallops co Mermade Seafoods raises $3.3 million

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Israeli cultured scallop startup Mermade Seafoods has completed a $3.3 million seed funding round. The round was oversubscribed and investors included OurCrowd, Fall Line and Sake Bosch.

The Jerusalem-based food tech company also unveiled a new circular cell farming technology for the production of cultured scallops. The technology will streamline the global scallop market and provide a high quality, tasty and cheaper product than those currently available.

Mermade was founded in July 2021 by CEO Daniel Einhorn (CEO), CTO Dr Rotem Kadir and COO Dr Tomer Halevy.

The company plans to develop a product and achieve lab-scale production by 2023. Mermade will use the latest funds to employ more stem cell and algae researchers and accelerate development. The scallop is only the first product that the company will develop from a diversified portfolio of seafood products that will gradually arrive on the market.

Using algae to recycle cell growth substrate is the company’s secret formula and a big part of investor interest. This cellular interpretation of traditional aquaponics has been named by Cytoponics. Mermade has filed several patent applications related to this circular production method, which sets it apart from other companies in the market.

Einhorn said: “We decided to focus on scallops as our first product because it is a popular dish around the world, but is suffering from high prices and shortages due to serious supply chain issues. It’s easier to produce compared to other more complex meat products, and we can get them to market relatively quickly. The global market for scallops is worth $8 billion a year, of which more than dollars in the U.S. alone. Our method of production will reduce the cost of each flat scallop and increase market volume by orders of magnitude as supply finally adjusts to strong demand.”

He added: “In the next few years, consumers around the world will be able to buy cultured scallops (Coquilles Saint Jacques) produced by Mermade in a supermarket or restaurant, at an affordable price and with the same quality and taste than the original food. Using Cytoponics as a production platform, we could also produce a variety of other cultured seafood such as squid, shrimp, crabmeat and more. The opportunity in this area along with our unique technologies will establish us as market leaders in the next decade. .”

OurCrowd Founder and CEO, Jon Medved, said, “Mermade is undoubtedly a pioneer in cellular aquaculture, and scallops in particular. The other investors and I were impressed with the innovative idea and the potential to transform a vast market worth billions. In just a few months, the team has demonstrated remarkable progress in R&D and we see a bright future for Mermade.”

Published by Globes, Israel business news – en.globes.co.il – on August 30, 2022.

© Copyright Globes Publisher Itonut (1983) Ltd., 2022.


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Tanya S. Norvell