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Memphis Meats Raises $161 Million In Funding, Aims To Bring Cell-Based Products To Consumers

This article is more than 4 years old.

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.

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.

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.

Memphis Meats has developed production methods that do not require fetal bovine serum (FBS) to grow their cells, and they do not expect to ever sell products made with FBS. This is critical for all cell-base companies, as FBS is expensive, inconsistent in quality, and derived from animals, which largely defeats the purpose behind these mission-driven companies.

There’s a lot of debate as to when we can expect to see these products in the market, but with the ability to raise this kind of capital from partners like Cargill and Tyson, Memphis Meats will likely deliver on that promise sooner than you think.

“The reality is that conventional production methods for meat can't keep up with global demand, which is expected to double by 2050. 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. Memphis Meats is on a mission to serve up real meat without the compromise. We are thrilled to partner with this visionary team," said Priti Youssef Choksi, Partner at Norwest Venture Partners.

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