Future Meat Technologies, an Israeli start-up developing lab-grown meat, said it has raised US$26.8m from “strategic partners”.
While a statement did not specifically detail the investors involved in the latest funding round, a spokesperson for Future Meat clarified it has been backed by US meat giant Tyson Foods, privately-owned US food manufacturer Rich Products Corp. and Chicago-based venture fund S2G Ventures.
The statement read: “The company is backed by the leading forces in the food and agriculture industries including Tyson Foods, ADM, Müller Group and Rich’s Products Corporation, alongside leading venture capital investors such as S2G Ventures, ADM Capital, Emerald Technology Ventures, Manta Ray Ventures and Bits x Bites.”
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By GlobalDataThe spokesperson added: “This new funding enables Future Meat Technologies to scale up its production, build its commercial and marketing capabilities and accelerate research and development. It has also been used to help build Future Meat’s team, which is now close to 40 employees in Israel and in the US.”
Future Meat, located in Jerusalem, was founded in 2018 by Professor Yaakov Nahmias, who is the chief scientific officer. While the company has not yet debuted any products on the market, it said the business “plans to market its products to consumers and restaurants within 18 months”. The firm is led by CEO Rom Kshuk.
Its pilot manufacturing facility is expected to start production in the first half of this year, with lab-grown chicken, lamb kebabs and beef burgers in the pipeline.
In 2019, the company secured $14m in the form of a Series A investment. That round included S2G, Swiss venture-capital business Emerald Technology Ventures and Henry Soesanto, CEO of Philippines-based food and beverages group Monde Nissin.
Manta Ray Ventures, a UK-based venture capital firm, and Bits x Bites, the Chinese food and agri-tech investor, also took part.
And in 2018, Future Meat got $2.2m in seed funding, including Tyson Ventures, the venture capital fund of Tyson Foods. Other participants also featured the Neto Group, one of the largest food conglomerates in Israel, S2G Ventures, Bits x Bites, New York-based HB Ventures, and Agrinnovation, an Israeli investment fund.
