Memphis Meats closes US$161m Series B funding round
Memphis Meats aims to bring products to consumers for the first time
23 Jan 2020 --- Cell-based meat, poultry and seafood company Memphis Meats has announced the close of a US$161 million funding round. This breakthrough round marks the largest funding moment in the history of the cell-based meat industry and will enable Memphis Meats to reach a historic milestone of bringing its products to consumers. In total, the company has raised more than US$180 million to date. Although it has not yet announced a date for product launch, it is working with regulatory agencies to ensure a timely and safe market entry.
Memphis Meats also expects to use the funds to build a pilot production facility as well as to hitting the major milestone of launching products into the market. 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, the company says.
The Series B round is led by SoftBank Group, Norwest and Temasek. Also joining the round are new and existing investors including Richard Branson, Bill Gates, Threshold Ventures, Cargill, Tyson Foods, Finistere, Future Ventures, Kimbal Musk, Fifty Years, CPT Capital, KBW Ventures and Vulcan Capital.
“The reality is that conventional production methods for meat can't keep up with global demand, which is expected to double by 2050,” comments Priti Youssef Choksi, Partner at Norwest Venture Partners. “Cell-based meat addresses this issue while offering enormous potential to improve the environment and have a positive impact on food safety and animal welfare,” she explains.
“We are excited to welcome these investors into our big tent,” says Uma Valeti, M.D., Co-Founder and CEO of Memphis Meats. “Memphis Meats is revolutionizing how meat is brought to every table around the world. We are providing compelling and delicious choices by producing real meat from animal cells, its natural building blocks. Cell-based meat is poised to dramatically expand humanity’s capacity to feed a growing global population while preserving our culinary traditions and protecting our planet.”
Jeff Housenbold, Managing Partner, SoftBank Investment Advisers also says, “I am happy that SoftBank Group is supporting Memphis Meats and its team in their mission to deliver a more sustainable, humane and secure food system.”
Edited by Elizabeth Green
