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A leading clean meat company has plans to bring its product to market following a successful funding round.
Memphis Meats, which makes cell-based meat, poultry and seafood, raised $161 million during the Series B funding round – taking the total it has raised to more than $180 million.
The investors include KBW Ventures, the private investment company founded by HRH Prince Khaled bin Alwaleed bin Talal, as well as Richard Branson, Bill Gates, and a number of others.
Memphis Meats will use the money – which marks the largest funding moment in the history of the cell-based meat industry – 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’.
In addition, the round extends the Memphis Meats coalition to Asia, which it describes as a ‘strategically valuable market for cell-based meat’, and is currently struggling to meet the growing demand for animal meat.
There is no official launch date for the product yet, but the company is ‘working with regulatory agencies to ensure a timely and safe market entry’.
“We are excited to welcome these investors into our Big Tent,” said 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.”
Priti Youssef Choksi, Partner at Norwest Venture Partners, added: “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.”