Future Meat Technologies, an Israel-based cell-cultured food company, completed a US$14 million funding round that will help the company build a new production facility near Tel Aviv.
Future Meat Technologies, which was founded in 2018, on October 10 announced the completion of the funding round, which was supported by a variety of international investors. The Series A funding round was led by S2G Ventures, U.S.; Emerald Technology Ventures, Switzerland, Henry Soesanto, Philippines; Manta Ray Ventures, U.K., and BitsxBites, China.
In a press release, Future Meat Technologies announced that it will use the funds from this latest funding round to expand its research and development efforts, as well as build the world’s first cell-cultured food production facility, which is estimated to begin operations in 2020.
"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' 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.
An earlier round of funding in 2018 raised $2.2 million for Future Meat Technologies. Co-leading that round was Tyson Ventures, the capital investment arm of the world’s second largest poultry company, Tyson Foods. S2G Ventures and BitxXBites also participated in the earlier round.
