Dec 17, 2021
Future Meat Raises $347 Million to Make Cell-Grown Meat in U.S.
(Bloomberg) -- Future Meat Technologies raised $347 million in a Series B round to build a U.S. production facility to make its cell-grown meat products.
The investment was co-led by ADM Ventures, part of agriculture giant Archer-Daniels-Midland Co., and an unnamed global tech investor, according to founder and Chief Executive Officer Yaakov Nahmias. Tyson Foods Inc., the biggest U.S. meat company, also participated. Future Meat, based in Rehovot, Israel, declined to provide a valuation.
Money has been pouring into cultivated meat companies. Good Meat, a subsidiary of Eat Just, raised $267 million this year, while Upside Foods has taken in more than $200 million since 2020.
Future Meat makes chicken, beef and lamb products from cells harvested from animals that have been slaughtered in accordance with kosher and halal guidelines, Nahmias said.
The company plans to build a 13,000-gallon production facility in the U.S. over the next year or so as it awaits U.S. regulatory approval. It’s scouting Boston and Minneapolis for locations, Nahmias said.
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