Israeli foodtech start-up, Kinoko-Tech, has signed a commercial agreement with Metaphor Foods, the innovation arm of ingredients and processing company, Hela APAC, to produce thousands of tons of sustainable, protein-rich products in Australia.
The agreement includes a strategic investment, and outlines plans for expansion into Malaysia, Singapore, Indonesia, and New Zealand, with production set to begin in 2025.
Kinoko-Tech specialises in fungi-based fermentation that grow fungi mycelium on legumes and grains, resulting in healthy, natural foods with enhanced nutritional profiles.
According to Kinoko, it is a zero-waste process that boosts protein and fibre content without compromising on taste and texture and has a carbon footprint is lower than that of growing a tomato. Its goal is to deliver “sustainable, locally produced food solutions”.
The scope of the agreement covers the production and sale of a range of food products, including “centre of the plate” meat-style products as well as a more nutritious alternative to existing vegetarian and vegan options, and snack ranging including muesli and nut bars, protein bars, and crispy chips.
Metaphor Foods is an accelerator and investment business that is focused on partnering with food-tech startups to ultimately deliver novel food technology platforms to the APAC region and beyond. Its parent company, Hela APAC is a food and ingredients company and predominantly private label food manufacturer. It has 10 manufacturing sites around the world and representation in over 70 countries.
Metaphor Foods and Hela APAC director, Geoff Gordon, said Metaphor Foods’ role was to facilitate “transformational” food tech start-ups like Kinoko-Tech have a global impact.
“This agreement not only brings Kinoko-Tech’s revolutionary fermentation process to the APAC market but also highlights the shared vision of both companies for creating sustainable, locally produced food solutions with a minimal environmental footprint,” Gordon said.
Kinoko-Tech has licensed its technology from Yissum, the Hebrew University of Jerusalem’s tech transfer company.
Kinoko-Tech CEO, Jasmin Ravid, said the agreement would bring its technology to new markets.
“This partnership marks a significant milestone in scaling up our production and making a meaningful impact on global food sustainability. With Metaphor Foods and Hela APAC’s expertise, we’re well-positioned to expand our reach across the APAC region,” Ravid said.
