Future Meat Technologies has closed a $14 million series A funding round led by S2G Ventures, a Chicago-based venture capital firm, and Emerald Technology Ventures, a Swiss-based venture capital firm. They were joined by investors Henry Soesanto, the CEO of Monde Nissin; Manta Ray Ventures, a UK-based venture capital firm; and Bits x Bites, a Chinese food and agriculture tech VC.
Founded in 2018, Future Meat Technologies is working towards a cost-efficient, GMO-free production of meat directly from animal cells, without the need to raise or harvest animals. The funding will be used to expand R&D efforts and build a cultured meat pilot production facility, estimated to begin operations in 2020, south of Tel Aviv, Israel.
“With this investment, we’re 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,” said Rom Kshuk, CEO of Future Meat Technologies. “We’re 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 company aims to introduce hybrid products—combining plant proteins for texture and cultured fats that create the distinct aroma and flavor of meat. With current small-scale production costs of $150 per pound of chicken and $200 per pound of beef, Future Meat Technologies plans to release its hybrid products at a competitive cost level from its pilot production facility by 2021 and launch a second line of 100% cultured meat products at a cost of less than $10 per pound by 2022.
The NC Food Innovation Lab (NCFIL) will open on November 14, with a ribbon cutting, facility tour, and open house celebration. NCFIL is a 16,000-square-foot plant-based food processing and product development facility located on the 350-acre North Carolina Research Campus in Kannapolis, N.C.
Cargill has opened a Culinary Experience Hub in its R&D site in Vilvoorde, Belgium, to better serve its customers across the EMEA (Europe, Middle East, and Africa) region.
Nestlé has entered into a partnership with Corbion to develop the next generation of microalgae-based ingredients, enabling the company to deliver sustainable, tasty, and nutritious plant-based products.
Kemin Industries, a global ingredient manufacturer, has opened an innovation and technology center at its regional headquarters in Zhuhai, China.
Puratos has announced the opening of its newest innovation center in the Pilsen neighborhood of Chicago.