Cultured meat startup Future Meat raises $ 320 million for a valuation of $ 600 million
The food tech company plans to use the funds to build a manufacturing facility in the United States, with the goal of putting its products on the shelves in 2022
U.S. food giants Tyson Foods and ADM, which both competed in Future Meat’s $ 26.75 million Series B in February this year, are also slated to be in the next round. Tyson Foods is the world’s second largest meat maker while ADM, a multinational food processing and commodity trading company, is currently listed on the New York Stock Exchange at a valuation of $ 35 billion. The company’s other investors include Müller Group and Rich’s Products Corporation, as well as leading venture capitalists such as S2G Ventures, ADM Capital, Emerald Technology Ventures, Manta Ray Ventures and Bits x Bites.
Future Meat’s technology is based on the rapid natural proliferation of connective tissue cells. What’s unique about their process is that unlike most artificially grown meats, it doesn’t require the expensive use of stem cells. Its technology is based on the work of its chief scientist, Professor Yaakov Nahmias of the Hebrew University of Jerusalem. The CEO of the company is Rom Kshuk.
The upcoming huge round is intended to fund, among other things, the construction of a manufacturing plant in the United States. Future Meat, founded in 2018, plans to bring its products to the general public at relatively lower prices than current meat substitutes.
The company announced in June the opening of the world’s first industrially grown meat plant. The facility, located near its headquarters in Rehovot, is capable of producing 500 kilograms of crop products per day, the equivalent of 5,000 hamburgers.
“The opening of this facility marks an important milestone in bringing Future Meat Technologies to market, serving as an essential catalyst to put our products on the shelves by 2022,” Rom Kshuk said at the time. “Having an industrial line running speeds up key processes such as regulation and product development. ”
Currently, the facility can produce farmed chicken, pork and lamb, without the use of animal serum or genetic modification (GMO-free). The facility further supports Future Meat Technologies’ larger efforts to create a more sustainable future. The company’s cruelty-free production process is expected to generate 80% less greenhouse emissions and use 99% less land and 96% less fresh water than traditional meat production.
Future Meat Technologies aims to hit shelves in the United States in 2022 and is currently in the process of approving its production facility with regulatory agencies in multiple territories. The company is considering multiple locations in the United States for its planned expansion. Future Meat expects a funding round of $ 2 billion when it begins its marketing campaign in 2022.