Israeli food technology company SweetMatok announced the closing of a $30 million Series C funding round and that it has changed its name as Amazing. The new name is based on the company’s flagship product, Incredo Sugar. This latest funding round is led by dsm-firmenich Venturing and Sienna Venture Capital, along with strategic business partners such as Ferrero, new investors including Teseo Capital and existing investors Pitango and BlueRed Partners, which led the previous round.
The latest funds will help Incredo expand its research, development and commercialization efforts for its flagship product, Incredo Sugar. Incredo Sugar is a one-of-a-kind, delicious and clean sugar reduction solution that reduces the amount of sugar in sugary foods by 30-50%, with no change in taste, mouthfeel or texture, and without adding to the ingredient label. By binding real cane or beet sugar with traces of a natural carrier, Incredo Sugar facilitates the delivery of sugar molecules to sweet taste receptors on the tongue. This means less sugar is needed for the same level of sweetness.
The Petah Tikva-based company was founded by inventor Professor Avraham Baniel and President Eran Baniel.
Incredo CEO Ari Melamud said, “Now that our flagship product, Incredo Sugar, has become commercially available and is gaining traction within the industry, we have decided to simplify our communications by unifying our identity. under the “Incredo” name – a single, powerful brand that will be memorable to our customers as we prepare for a period of continued growth and commercialization. »
He added, “We are thrilled to close this Series C round with a mix of strong strategic and financial investors. With this funding, Incredo Sugar will reach more mouths in more places than ever before. But most importantly , we will be giving food companies a vital tool to create delicious, healthier foods without compromising consumers’ number one purchasing decision – taste.”
Last year, the company announced partnerships with Batory Foods and Blommer Chocolate Company. Incredo is looking to accelerate the commercialization of Incredo Sugar in 2023, with new and expanded availability in the United States, Europe and Israel.
Published by Globes, Israel business news – en.globes.co.il – May 25, 2023.
© Copyright Globes Publisher Itonut (1983) Ltd., 2023.