The cell-based meat, poultry, and seafood company Memphis Meats has closed a $161 million Series B funding round. Thus far, the company has raised more than $180 million. It expects to use the most recent influx of capital to build a pilot production facility, hire more employees, and launch its products into the market. No launch date has been announced. Memphis Meats is currently working with regulatory agencies to “ensure a timely and safe market entry,” according to a company press release (pdf).
The Series B round was led by SoftBank Group, Norwest, and Temasek. Also, new and existing investors joined the round, including Bill Gates, Cargill, Tyson Foods, Finistere Ventures, Future Ventures, Kimbal Musk, Fifty Years, CPT Capital, KBW Ventures, and Vulcan Capital.
“We are excited to welcome these investors into our ‘big tent,’” said Uma Valeti, cofounder and CEO of Memphis Meats, in the press release. “Cell-based meat is poised to dramatically expand humanity’s capacity to feed a growing global population while preserving our culinary traditions and protecting our planet.”
Press release (pdf)
The U.S. Food and Drug Administration (FDA) is announcing changes to its export listing procedures for dairy and infant formula firms seeking to export their products to China.
The FDA is announcing $1.5 million of continued funding, in the form of cooperative agreements, to the University of Arkansas Indigenous Food and Agriculture Initiative and the National Farmers Union to enhance food safety under the FDA Food Safety Modernization Act (FSMA).
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The U.S. FDA has announced in a letter of enforcement discretion that it does not intend to object to the use of certain qualified health claims regarding consuming certain cranberry products and a reduced risk of recurrent urinary tract infection in healthy women.
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