The round was led by S2G Ventures and Emerald Technology Ventures, 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.
The company intends to use the funds to expand R&D efforts and build its cultured meat pilot production facility, estimated to begin operations in 2020, south of Tel Aviv.
Founded in 2018 by Prof. Yaakov Nahmias, Chief Scientist, and led by Rom Kshuk, CEO, Future Meat Technologies is advancing cost-efficient, GMO-free production of meat directly from animal cells, without the need to raise or harvest animals.
Its 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.
FinSMEs
11/10/2019