Future Meat Technologies, the Israel-based cellular meat technology developer backed by food producers Tyson Foods and Neto Group, has completed a $14m series A round led by venture capital firm S2G Ventures.
VC firms Emerald Technology Ventures and Manta Ray Ventures also participated in the round, as did food technology-focused accelerator and VC fund Bits x Bites and Henry Soesanto, chief executive of meat alternative provider Monde Nissin.
Founded in 2018, Future Meat is developing a method of producing meat directly from animal cells. The company claims its production model involves 80% lower greenhouse gas emissions and 99% less land use than conventional animal rearing.
The series A funds will go to the construction of a pilot production facility Future Meat expects to open in 2020, in addition to its wider research and development efforts.
Rom Kshuk, Future Meat’s chief executive, said: “With this investment, we are thrilled to bring cultured meat from the lab to the factory floor and begin working with our industrial partners to bring our product to market.
“We are not only developing a global network of investors and advisors with expertise across the meat and ingredient supply chains, but also providing the company with sufficient runway to achieve commercially viable production costs within the next two years.”
The startup had previously received $2.2m in a May 2018 seed round led by Tyson’s corporate venturing arm, Tyson Ventures, and which also featured Neto Group, S2G Ventures, BitsXBites, HB Ventures and Agrinnovation.
