Good Meat, a US-based cultivated meat technology offshoot of alternative protein product developer Eat Just, received $97m yesterday to take its latest funding round to $267m.
UBS O’Connor, a hedge fund administration subsidiary of investment banking firm UBS’s Asset Management division, took part in the extension, as did Graphene Ventures, K3 Ventures, Resilience Reserve, private investor Fernando Chico Pardo and unnamed other backers.
Graphene Ventures, UBS O’Connor, K3 Ventures and undisclosed others had participated in a $170m close of the round in May this year.
Good Meat has developed laboratory-made chicken meat products which have received approval for sale in Singapore. It is also using cattle cells from the US state of California and Toriyama, Japan to produce beef.
The money will be used to expand the company’s production capabilities and ramp up research and development efforts in a bid to harvest additional varieties of cell-based meat.
Josh Tetrick, Eat Just’s co-founder and chief executive, said: “I am proud to see our company take the next step toward building large-scale cultivated meat production. This investment…puts us in a position to execute our plans in multiple regions around the world.”
