Israel-based cultured meat producer Future Meat Technologies secured $26.8m in convertible debt financing from investors including food producers Archer-Daniels-Midland (ADM), Rich Products Corporation, Theo Müller Group and Tyson Foods yesterday.
Multicorporate-backed investment firm Emerald Technology Ventures also took part in the round, as did venture capital firms Bits x Bites, S2G Ventures and Manta Ray Ventures in addition to ADM Capital, a private equity firm unrelated to its corporate namesake.
Future Meat is working on meat products made from animal cells, without involving animal husbandry or genetically modified organisms.
The technology was licensed from Hebrew University of Jerusalem, and Future Meat said its cultured chicken breast costs $7.50 to produce. It will use the cash to boost its production and research and development efforts.
The company completed a $14m series A round led by S2G Ventures in late 2019, with participation from Bits x Bites, Emerald Technology Ventures, Manta Ray Ventures and Henry Soesanto.
Tyson had led a $2.2m round for Future Meat in 2018 through corporate venturing subsidiary Tyson Ventures, investing alongside food producer Neto Group, Agrinnovation, Bits x Bites, HB Ventures and S2G Ventures.
