In Israel, cultivated meat maker Future Meat has raised a whopping $347 million in a Series B funding, which it will use to build a production facility in the US and bring lab-grown meat to US market in 2022. Several sources say the fund raise is the largest for a cultivated meat producer to date.
The investment was co-led by ADM Ventures and an unnamed global tech investor, Future Meat founder and CEO Yaakov Nahmias, tells Bloomberg. Existing investor Tyson Foods, a major meat processing company, also participated.
The company’s products include chicken, lamb, and beef. The US has yet to approve cultivated meat, although many expect a decision shortly. Future Meat can produce 500 kilograms of meat at its Rehovot production facility daily.
“We are incredibly excited by the massive support of our global network of strategic and financial investors,” Nahmias adds. “This financing consolidates Future Meat’s position as the leading player in the cultivated meat industry, just three years after our launch. Our singular technology reduced production costs faster than anyone thought possible, paving the way for a massive expansion of operations.” The company expects to break ground on its US plant in 2022.