Wilk, a foodtech company headquartered in Israel, is currently in pursuit of acquiring the operations of Beeio Honey Technologies, a domestic producer of honey alternatives derived from non-bee sources.
Wilk has announced the signing of a memorandum of understanding for the acquisition of Beeio Honey Technologies, a subsidiary of the publicly-listed start-up Beeio Honey.
In a filing with the stock exchange, Wilk has outlined its intention to secure a minimum of NIS3 million ($800,000) prior to finalizing the transaction. This financial prerequisite is part of the agreement and is aimed at providing funding for the ongoing operations of Beeio Honey Technologies.
According to a report from the Israel-based news outlet Globes, Yaron Kaiser, who serves as the chairman of Wilk and holds a position as a shareholder at Beeio Honey, leads a common group of founders for both companies.
“The two companies have different and complementary technologies. Their offices are next door and the teams know each other. For me, a merger was always a possibility. We know where to raise capital, and we understand the way to reach the market and we will do everything possible,” Kaiser told the publication.
Established in the year 2020, Wilk specializes in the production of cell-cultured human breast milk as well as animal milk. The company has projected its product launch to commence by 2026. Conversely, Beeio Honey is engaged in the development of bee-free honey alternatives.
Headquartered in Tel Aviv, Wilk possesses several patent applications, along with an approved patent, related to laboratory techniques that emulate the milk-producing cells found in humans and various other mammals.
Earlier this year, Danone officially acknowledged its investment in Wilk. The French conglomerate noted that its investment in Wilk aligns with its objective to collaborate with food and beverage enterprises that share a mission-driven approach and are dedicated to forging a wholesome and environmentally conscious future.
As of the most recent investor presentation released last month, Wilk has successfully garnered a total of $14 million in funding. Notably, Danone has contributed $2 million to the venture.
The roster of Wilk’s investors includes The Central Bottling Company, responsible for bottling Coca-Cola products in Israel, which has injected a sum of $1.5 million into Wilk.
In the year 2022, the company recorded a deficit of NIS17 million.