Memphis Meats, the leading cell-based meat, poultry and seafood company has announced the close of a $161 million Series B funding round, bringing the total investment to over $180 million. This is the largest funding round in the cell-based meat industry to date. The round was led by SoftBank Group, Norwest, Temasek. It was joined by KBW Ventures, a fund led by Saudi Arabian Prince Khaled Bin Alwaleed.
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, and Vulcan Capital.
“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.”Uma Valeti, Co-founder & CEO, Memphis Meats
According to the statement, Memphis Meats expects to use the funds to build a pilot production facility, and continue to grow its world-class team. Furthermore, they aim to achieve a major milestone by launching their 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.
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