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 latest research from Mintel shows that after several years of growth, the foodservice industry is expected to decline by up to 30% from 2019 to 2020, following nationwide dine-in bans/restrictions, restaurant closures, job losses, and lowered consumer confidence.
According to Innova Market Insights’ COVID-19 Consumer Survey (conducted in March 2020), in China, India, and Indonesia, personal concerns center on health, personal income, and the availability of healthcare and products to buy.
COVID case surges across the United States and the subsequent rollbacks in re-opening plans have stalled the U.S. restaurant industry’s recovery, reported The NPD Group.
A study published in the Journal of Food Science and also discussed during a SHIFT20 session entitled “First Look at Nomenclature Research for Seafood Made from Fish Cells,” explores the nomenclature surrounding cell-based or cultured meat, poultry, and seafood in the United States.
Total customer transactions at major U.S. restaurant chains declined by 14% in the week ending July 12 versus one year ago, compared with -11% in the prior week, reported The NPD Group.