This marks the largest funding moment in the history of the cell-based meat industry. There’s no question about it – the sustainable food industry is on fire right now.
Memphis Meats, one of the leading cell-based meat, poultry and seafood companies, has just announced the close of a $161 million funding round. This breakthrough round marks the largest funding moment in the history of the cell-based meat industry, and will likely enable Memphis Meats to reach the historic milestone of bringing its products to consumers. In total, the company has raised more than $180 million. There’s no question about it: The sustainable food industry is on fire right now.
“In the next few decades I believe that cell-based meat will become a major part of our global meat supply. I cannot wait for that day!” – Sir Richard Branson
The Series B round is led by SoftBank Group, Norwest and Temasek. Also joining the round are new and existing investors including Bill Gates, Richard Branson, Threshold Ventures, Cargill, Tyson Foods, Kimbal Musk, Fifty Years and CPT Capital. This round extends the Memphis Meats coalition to Asia, which is a strategically valuable market for cell-based meat and faces significant challenges in meeting growing demand for meat.
Sir Richard Branson: “I am proud to invest once again in Memphis Meats, the world’s leading cell-based meat company. In the next few decades I believe that cell-based meat will become a major part of our global meat supply. I cannot wait for that day!”
Memphis Meats expects to use the funds to build a pilot production facility, continue to grow its world-class team, and to hit a major milestone of launching products into the market. The company has not yet announced a date for product launch and is working with regulatory agencies to ensure a timely and safe market entry. It’s worth noting the importance of the USDA and FDA agreeing to jointly regulate this industry, as these agencies will have a huge influence on when cell-based products can come to market.
Original source: www.forbes.com