"We are thrilled by the warm welcome we have received from the market and investment community," said Hamutal Yitzhak, company Co-Founder and CEO.

>Else Nutrition has developed what it describes as a breakthrough 100% plant-based baby formula that is produced from protein-rich almonds and buckwheat, in a natural process, without purified oil blends. The formula is non-dairy, non-soy, and free of hormones, antibiotics, gluten and GMO. It is claimed to meet the nutritional gold standard of breast milk while providing a solution for lactose intolerance, allergies and other sensitivities. It has a small environmental footprint and it will reduce animal and environmental abuse, the company says.

According to Else Nutrition, its products bring the first real alternative to dairy and soy-based baby formula products in a market that did not see many innovations in more than 100 years. The company has been granted patents in the U.S., Australia, Israel, Japan and Eurasia, and has patents pending in over 50 other countries.

According to Adroit Market Research, the global baby food and infant formula market will grow to more than US$120 billion by 2025, at CAGR of 7.3%.

"Else offers tremendous opportunities for investors and consumers," said Yitzhak. "Parents are actively seeking alternatives to dairy products and are moving away from soy-based products. We aim to free the market from its overdependence on dairy and soy-based products. We will be part of the long-term solution."

The injection of capital will allow Else Nutrition to immediately commence production ramp-up and to start its go-to-market preparations.

Else plans to launch powder and liquid formula products for toddlers in the U.S. market during the 2nd quarter of 2020, targeting initially parents of babies that suffer from allergies, and vegan families that prefer not to feed their babies with dairy products.