Israeli food technology company Do matoc announced the completion of a $30 million Series C funding round and was rebranded as Incredo. The new name is based on the company’s signature product, Incredo Sugar. The latest funding round is led by dsm-firmenich Venturing and Sienna Venture Capital along with strategic business partners Ferrero and new investors including Teseo Capital and existing investors Pitango and BlueRed Partners, who led the previous round.
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The latest funds will help Incredo expand the research, development and marketing efforts of its flagship product, Incredo Sugar. Encredo Sugar is a first-of-its-kind, delicious, clean sugar-reducing solution that reduces the amount of sugar in sweet foods by 30-50%, without changing taste, mouthfeel, or texture, and without additions to the ingredients label. By binding real cane or beet sugar to trace amounts of a natural carrier, Incredo Sugar helps deliver sugar molecules to the sweet taste receptors on the tongue. This means that less sugar is required for the same level of sweetness.
The company, headquartered in Petah Tikva, was founded by the inventor, Professor Avraham Paniel, and Chairman of the Board, Eran Paniel.
Ari Milamud, CEO of Incredo, said, “Now that our flagship product, Incredo Sugar, is commercially available and gaining more awareness within the industry, we have decided to simplify our communications by uniting our identity under the name ‘Incredo’ – a single, strong and memorable brand for our customers. As we prepare for a period of continued growth and commercialization.”
He added, “We are thrilled to have closed this Series C round with a combination of strong strategic and financial investors. With this funding, Incredo Sugar will reach more mouths in more places than ever before. But more importantly, we will be giving food companies a vital tool To create delicious and healthy foods without compromising the consumer’s number one purchase decision – taste.”
Last year, the company announced partnerships with Batory Foods and Blommer Chocolate Company. Incredo looks forward to accelerating the commercialization of Incredo Sugar in 2023, with new and increased availability across the United States, Europe and Israel.
Published by Globes, Israel business news – en.globes.co.il – on May 25, 2023.
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