Brevel, a climate food-tech company specialising in microalgae protein, has successfully expanded its seed funding round to a total of $25 million.

This increase includes more than $5 million raised through the exercise of investor warrants from the initial closing of the round in June 2023.

The funding will support Brevel's efforts to enhance its go-to-market strategy and further develop its innovative microalgae proteins for diverse food and beverage applications.

Key investors in this round include NevaTeam Partners, Siddhi Capital, the European Union’s EIC Fund, Good Protein Fund, The Food Tech Lab and PVS Investments. The successful warrant exercises reflect investor confidence in Brevel’s progress and potential within the burgeoning alternative protein market.

“Our investors chose to reinvest based on Brevel's impressive advancements since our last funding round,” stated Yonatan Golan, co-founder and CEO of Brevel.

Golan highlighted the company's commitment to providing nutritious, affordable protein alternatives that can effectively replace animal protein in various formulations. Brevel’s mission is to minimise its carbon footprint while delivering flavour-neutral and functional microalgae protein on a global scale.

Brevel has achieved several significant milestones recently, including the completion of its first commercial factory, which has successfully scaled production to 5,000 litres. The company also secured a commercial and joint-development agreement with The Central Bottling Company (CBC Group) and made notable advancements in its protein and polar lipid ingredient developments.

The recent funding will enable Brevel to accelerate its commercial activities and establish partnerships for future production lines, as well as to finalise additional offtake agreements in preparation for large-scale production.

Shai Levy, partner at NevaTeam Partners and a board member at Brevel, commented on the investment: “Brevel exemplifies bold innovation in the food industry. The decision by shareholders to exercise their warrants demonstrates strong confidence in Brevel’s mission and execution. We believe their technology will significantly influence the future of alternative proteins.”

Brevel’s proprietary technology uniquely combines light and sugar-based fermentation within indoor bioreactors, allowing for the efficient production of nutrient-rich microalgae without genetic modification. This approach enhances the commercial viability of microalgae by producing high-quality, nutrient-dense products at competitive costs.

The company’s advanced downstream processing yields a neutral-flavoured microalgae protein isolate powder, which can be integrated into a wide range of meat and dairy alternatives. This protein boasts a complete amino acid profile, excellent emulsifying and gelling properties, and is non-allergenic and non-GMO.

Brevel’s business model mirrors that of soy protein, focusing on the co-products derived from microalgae biomass. Golan explained: “Our combined light and fermentation platform allows us to capitalise on all components of the microalgae, not just the protein. This enables us to achieve price parity for our superior protein and each co-product.”

As Brevel prepares for its next product roll-out this summer, Golan is set to present at the Investor Day on Climate event on April 2, part of the European Innovation Council Summit. This event will showcase 20 leading climate tech start-ups, highlighting Brevel’s innovative approach to addressing climate change and food security through advanced technologies.