Lab-grown meat startup Memphis Meats completes $17-mn Series A fundraising
24 Aug 2017
Alternative or "clean" meat startup Memphis Meats yesterday announced completion of a $17 million Series A fundraising round, having raised $22 million till date.
Venture capital firm DFJ led the round in the lab-grown meats company. The company received investment from Cargill , Bill Gates, and Richard Branson and also European venture capital fund Atomico, New Crop Capital, SOSV, Fifty Years, KBW Ventures, Inevitable Ventures, Suzy Welch, Kyle Vogt, and Kimbal Musk. A number of research institutions also joined the round.
Memphis Meats has not yet commercialised a product but has produced beef, chicken, and duck from animal cells (See: 'Green' chicken, lab-grown duck may soon be on your menu). The company grows meat in tanks by feeding oxygen, sugar, and other nutrients to living animal cells.
In addition to the prominent names that have lent their support and dollars to the company, the round was significant for its inclusion of Cargill.
''We are committed to growing our traditional protein business and investing in innovative new proteins to ultimately provide a complete basket of goods to our customers,'' said Sonya McCullum Roberts, president of growth ventures for Cargill Protein, in a statement.
"Memphis Meats has the potential to provide our customers and consumers with expanded protein choices and is aligned with our mission to nourish the world in a safe, responsible and sustainable way."
Meanwhile, the company said in a press release, "Memphis Meats plans to use the funds to continue developing delicious products, to accelerate its work in scaling up clean meat production, and to reduce production costs to levels comparable to – and ultimately below – conventional meat costs. The company expects to quadruple its headcount, and has already begun growing its team of chefs, scientists creative people and business people.
''We're going to bring meat to the plate in a more sustainable, affordable and delicious way,'' explains Uma Valeti, MD, co-founder and CEO of Memphis Meats. ''The world loves to eat meat, and it is core to many of our cultures and traditions. Meat demand is growing rapidly around the world. We want theworld to keep eating what it loves. However, the way conventional meat is produced today creates challenges for the environment, animal welfare and human health. These are problems that everyone wants to solve, and we can solve them by bringing this incredible group of partners under one tent. This group will help us accelerate our progress significantly.''
