Pluri Inc. Expands Investment in Subsidiary Ever After Foods' $10M Funding Round

Leading biotechnology company Pluri Inc. (Nasdaq: PLUR) (TASE: PLUR) (“Pluri” or the “Company”), which transforms cells into solutions that promote global wellbeing and sustainability, today announced strategic investments in Pluri’s subsidiary, Ever After Foods Ltd. (“Ever After Foods”), which offers a cutting-edge technology platform to produce cultivated food with unmatched, cost-efficient scalability. Ever After Foods is Pluri’s majority-owned joint venture with Israeli food giant Tnuva Food-Tech Incubator (2019), L.P. (“Tnuva”), and has exclusive licensing rights to use Pluri’s technology and intellectual property to develop, manufacture and commercialize cultivated meat. The $10 million funding round will propel Ever After Foods’ cost-advantageous and scalable technology platform, positioning it as a leading technology enabler.

Leveraging on Pluri's innovative technology, Ever After Foods has swiftly advanced its scalable production platform since introducing the pilot version last year. Developing the B2B version of its proprietary technology system, Ever After Foods has demonstrated the natural production of muscle and fat tissues for various animal cells, ensuring taste, feel, and texture akin to conventional animal-derived meat. This breakthrough technology enables partners to reduce production costs by over 90% while significantly increasing productivity.

Powered by Pluri’s technology, Ever After Foods' bioreactors yield up to six times more protein and 700 times more lipids from each cell when compared to other cultivated meat technology platforms, offering enhanced nutritional and flavor value. With this new investment, Pluri has extended the license field granted to Ever After Foods to include cultivated fish, further expanding the reach and impact of its technology in the food industry.

“Ever After Foods' unique and innovative production platform empowered the change to our business model. The shift to a technology enabler will allow us to serve more players in the value chain," said Eyal Rosenthal, Chief Executive Officer of Ever After Foods.“Securing funding from new global partners is a testament to our team’s tireless dedication to solving the primary production barriers for the next step toward a more sustainable meat industry. In addition to the funding, working with new partners in the space will deepen our industry network and speed up our expansion into international markets as we drive the next era of scalable cultivated meat production.”

“The joint investment by global multinational companies, along with Tnuva and Pluri, in Ever After Foods’ unique technology platform, its team, and vision underscores the critical role of collaboration in ensuring a sustainable and secure global food system," noted Haim Gavrieli, Tnuva’s Chairman of the Board. “The way the world produces and consumes meat will significantly change over the next decade, bringing many opportunities for cultivated meat players. As the leading alternative protein group in Israel, Tnuva recognizes the immense importance of continued investment in Israeli foodtech in general, and particularly in the field of cultivated meat.”

"The current investment round in Ever After Foods is led by new global partners, and includes Tnuva's renewed commitment as well. We believe this validates Pluri’s strategy and underscores the quality of our technology and solutions,” explained Yaky Yanay, Chief Executive Officer and President of Pluri. “In just two years, our subsidiary has transformed the cultivated-meat sector, highlighting Pluri's innovative 3D cell expansion technology. Pluri is dedicated to the success of Ever After Foods, and this milestone reflects our ongoing commitment to innovation and excellence. We extend our heartfelt thanks to the Ever After Foods’ management team for their dedication and hard work in driving our shared vision forward.”

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