Israeli food-tech start-up Kinoko-Tech has entered a strategic partnership with investment company Metaphor Foods, aiming to locally produce thousands of tons of sustainable protein products in Australia.
Kinoko-Tech’s technology, licensed from the Hebrew University of Jerusalem’s tech transfer company Yissum, uses fungi mycelium to grow on legumes and grains. This results in nutritious foods created in a zero-waste process that boosts protein and fibre content, while offering ‘exceptional’ taste and texture for a wide range of food products, Kinoko said in a press release.
The commercial agreement with Metaphor Foods includes a strategic investment and outlines plans for further expansion into Malaysia, Singapore, Indonesia and New Zealand, with production set to begin in 2025.
It covers the production and sale of a range of products, including ‘centre of the plate’ items like meat alternatives. Additionally, Kinoko will demonstrate its technology’s versatility through the development of a range of snack items, such as muesli and nut bars, protein bars and chips.
Under the agreement, Metaphor will oversee the roll-out of Kinoko-Tech’s products in the Asia-Pacific region. Metaphor is the innovation arm of Hela APAC, a food technology and flavours specialist with ten manufacturing sites globally. The collaboration will begin with local production in Australia, followed by expansion across the APAC region.
Jasmin Ravid, CEO of Kinoko-Tech, said: “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.”
Geoff Gordon, director of Metaphor Foods and Hela APAC, commented: “At Metaphor Foods, our role is to facilitate transformational food-tech start-ups like Kinoko-Tech, enabling them to make a global impact. We’re thrilled to be part of their journey, starting in Australia and soon expanding to other key markets in Asia and New Zealand. Kinoko-Tech’s technology is truly a game-changer in the food industry.”
According to data and analytics company GlobalData, surging consumer demand for sustainable, plant-based proteins has sparked a ‘notable upswing’ in the availability of fungi-based food products in Australia. The firm noted that fungi’s versatility allows for its integration into a wide range of food innovations, including meat and dairy alternatives, contributing to its rapidly growing market share in the country.
Kakarlapudi Karthik Varma, consumer analyst at GlobalData, said: “Australia, renowned for its robust plant-based food market, is now observing a substantial surge in interest surrounding fungi-based food products, particularly those derived from mycelium, the root structure of mushrooms. Fungi-based products provide a wealth of nutritional value, including proteins, fibre and vitamins, while being produced with a lower environmental impact compared to animal-based foods.”
According to Kinoko-Tech, its process of growing mycelium consumes fewer resources – such as land, water and energy – compared to traditional livestock farming, with the carbon footprint of growing its protein being ‘even lower than that of simply growing a tomato’.
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