Where did the idea for your company come from?
Adi: Fabumin’s journey started eight years ago when we founded the plant-based cheese company Human Nature. When our family became vegan, we couldn’t find any good cheese substitutes on the market – so we started producing alternatives ourselves. This venture very quickly became a viable business with 300 points of sale.
As we delved deeper into the plant-based industry, we noticed that there was another gap in the market that we could fill. At that time, there was no industrial plant-based solution that could replace eggs. This is especially important in the field of baking.
Aquafaba is a great option, but the drawback is that it comes in liquid form. The food industry does not like to work with liquids due to issues with transportation, storage, and shelf life. This is how we came up with the idea of drying aquafaba to a powder – and Fabumin was born.
Tell us about your team. Why are you the right people for the project?
Adi: Our team has many years of professional experience, with each member bringing a unique and complementary skill set in terms of product development, mechanisation, sustainability, and marketing.
Our two founders previously established a company for the development of vegan cheeses and raw materials (which included registering patents and acquiring the knowledge needed to sell to European retailers). Our Vice-President, who works on R&D, has previously set up a plant-based burger company. Finally, the chairman of our board was the CEO of the largest raw-materials company in Israel.
What are your favourite parts about building your business?
Adi: It’s a hard question – but I love the independence of having your own business. Also the creativity and the knowledge that maybe one day we can improve the world in some way.
What have been the main challenges you’ve faced?
Adi: There are a lot of challenges: in the field of R&D – where we are asked to prove the capabilities of Fabumin; in logistics – where we need to to build a drying facility that does not yet exist in the industry; and finally in attracting investors who will see the great potential of Fabumin.
What is it that makes your company unique?
Adi: Our entire team has a tremendous passion for food and innovation, and the motivation to make the world a better place. We are creative, and we work in a harmonious and interesting way. This is perhaps what makes us unique.
Why did you decide to join the ProVeg Incubator?
Adi: The ProVeg Incubator is a great opportunity to integrate into an ecosystem in the field of food technology and alternative proteins. I believe Fabumin can and will learn a lot, and get the best tools for success.
In your opinion, what do you think it takes for a startup to be successful?
Adi: I’m still learning the answers myself. But I think a successful startup needs a good idea, a winning team, great passion, and creativity.
What do you hope to achieve with your company in the next 12 months?
Adi: I want to achieve success in research and development, and to recruit one or two investors (not more) who will believe in us. In addition, I want to be a real alternative for global food companies once they’ve tried our product and seen how much it suits them in terms of price (because it is important for us to be cheaper than albumin) and also in terms of preserving the environment.
When it comes to numerical targets, we aim to establish a factory for the industrial production of Fabumin, and acquire at least two large customers. It will happen, without a doubt.