JERUSALEM, Oct. 10, 2019 /PRNewswire/ -- Future Meat Technologies today announced it has closed a $14 million Series A funding round led by S2G Ventures, a Chicago-based venture capital firm and one of the forces behind Beyond Meat's IPO, and Emerald Technology Ventures, a Swiss-based venture capital firm recognized for its leadership in industrial innovation. They were joined by investors Henry Soesanto, the CEO of Monde Nissin, one of the largest producers of meat alternatives, 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 pioneering the cost-efficient, GMO-free production of meat directly from animal cells, without the need to raise or harvest animals. The company has a highly sustainable manufacturing model resulting in 99% less land use and 80% less greenhouse gas emissions than traditional meat. Funding will be used to expand R&D efforts and build the world's first cultured meat pilot production facility, estimated to begin operations in 2020, south of Tel Aviv.
"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."
Future Meat Technologies' groundbreaking process utilizes the rapid growth of connective tissue cells, called fibroblasts, to reach high densities before turning the cells to cultured muscle and healthy fats. 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.
"I personally want to make sure my children and grandchildren will be able to enjoy the same meat dishes that I grew up with. The worldwide demand for protein is growing exponentially, and the only way to meet this demand is by fundamentally reinventing animal agriculture. Future Meat Technologies created a cost-effective solution for cultured meat manufacturing that is scalable and sustainable by design," noted Prof. Yaakov Nahmias, the company's founder and Chief Scientist.
This Series A funding marks the second largest investment round in the cultured meat sector to date, indicating significant interest from the financial community in the entire meat market – amid growing demand for sustainability in the face of deforestation and climate change.
"Future Meat Technologies' innovative approach offers a differentiated and exciting path forward in the development of cultured meat," said Matthew Walker, Managing Director at S2G Ventures. "The Future Meat team has developed a technology platform and roadmap that offers the cleanest and most efficient means of cell-based meat production, both in terms of capital expenditure and cost per pound, that we've seen to date."
"I believe in our responsibility to provide healthy, better-for-you products for current and future generations," said Henry Soesanto, CEO of Monde Nissin. "Future Meat's disruptive technology offers real solutions for the Asian and global markets."
Media Pix available here. [credit: Dudi Moskovitz]
About Future Meat Technologies
Future Meat Technologies is a biotechnology company developing a distributive platform for the cost-efficient, GMO-free production of meat directly from animal cells, without the need to raise or harvest animals. Future Meat Technologies focuses on developing a new generation of manufacturing technology that enables the cost-efficient production of fat and muscle cells, the core building blocks of meat, in small scale rejuvenating bioreactors. The technology is based on the award-winning work of Prof. Yaakov Nahmias at the Hebrew University of Jerusalem. www.future-meat.com
About S2G Ventures
S2G Ventures (Seed to Growth) is a multi-stage venture fund investing in food and agriculture. The fund's mission is to catalyze innovation to meet consumer demands for healthy and sustainable food. S2G has identified sectors across the food system that are ripe for change, and is building a multi-stage portfolio including seed, venture and growth stage investments. Core areas of interest for S2G are agriculture, ingredients, infrastructure and logistics, IT and hardware, food safety and technology, retail and restaurants, and consumer brands. For more information about S2G, visit www.s2gventures.com or connect with us on Twitter and LinkedIn.
SOURCE Future Meat Technologies