Israeli alternative seafood startup secures $12 million in funding

The funding was secured just a month after introducing what the company describes as “the world’s first vegan whole salmon fillet”. The round was led by State of Mind Ventures, with participation from Pitango, TechAviv Founder Partners and SmartAgro, among others. It follows a pre-seed raise of $2 million in 2021, the year it was created.

Plantar claims to have successfully replicated the taste, texture and nutritional value of salmon using all plant-derived ingredients, thanks to its patent-pending technology. The startup says its technology is cost-effective and scalable. Following the funding round, the first of its commercially produced fillets is expected to be available in restaurants in 2024.

According to Ofek Ron, CEO and co-founder of the startup, plant-based fish is expected to emulate the success of the plant-based meat sector.

“We’ve seen it before in the meat market, now is the time for fish, especially salmon, which is $50 billion in the half-trillion dollar seafood market. The problem has been that the fish is so hard to breed, until now,” he said.

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