Next Food CEO Chanan Schneider. Photo: Shlomi Harel
Food

Subsequent Meals aiming for $7.5 million in first-of-its-kind IPO

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The partnership, which is about to turn out to be the primary R&D partnership to be traded on the Tel Aviv Inventory Change, intends to put money into firms working in diversified foodtech sectors

Meir Orbach 20:3905.07.20

R&D partnership Subsequent Meals is focusing on to boost at the least $7.5 million in an IPO, a prospectus filed with the Tel Aviv Inventory Change has revealed.

 

Subsequent Meals is about to turn out to be the primary R&D partnership to be traded on an Israeli alternate following a change within the TASE’s laws from final February in line with which restricted R&D partnerships can go public. Up till that change, the TASE solely allowed partnerships within the sectors of oil and gasoline exploration and film manufacturing to be traded on the alternate. An R&D partnership is a restricted partnership of two companions, a normal associate operating the partnership (Subsequent Meals administration Ltd.) and a restricted associate (Subsequent Meals belief)

 

Next Food CEO Chanan Schneider. Photo: Shlomi Harel Subsequent Meals CEO Chanan Schneider. Photograph: Shlomi Harel


 

Schneider based and till lately ran the FRESH START FoodTech Incubator within the northern metropolis of Kiryat Shmona, arrange by main gamers within the meals and beverage market in Israel, together with Tempo, Tnuva, OurCrowd and Finistere. Man Rosen, vice chairman of Tnuva, will act because the chairman of Subsequent Meals.

 

Subsequent Meals intends to put money into a number of foodtech firms working in diversified sectors, focusing on firms which are comparatively shut to creating gross sales. Subsequent Meals has already invested in its first firm, SavorEat, which develops meat alternate options by 3D printing know-how. Subsequent Meals invested $1.75 million within the firm and plans to guide a $3.5 million seed spherical in line with a valuation of $7 million. SavorEat’s tech was developed by Professor Oded Shoseyov, with the corporate anticipating to finish its prototype over the subsequent 12 months. SavorEat believes it requires $12 million in whole funding to achieve that stage and that ought to all the things go to plan its product will probably be able to be marketed in two-and-a-half years.