Deals this week: Memphis Meats, Hilton Food Group
US-based company Memphis Meats has raised $17m in a Series A funding round, which included participants such as Cargill, Microsoft’s Bill Gates and Virgin’s Richard Branson.
The start-up intends to use the funds to expand its clean meat production capabilities by developing new products, enhancing clean meat production and increasing its chef workforce.
Venture capital company DFJ led the funding transaction.
Hilton Food Group has signed a five-year supply agreement with Tesco Central Europe to produce fresh food.
A factory will be built in Poland with a €6m ($7.15m) investment to produce items such as sandwiches, pizza, ready meals and soups, under the agreement.
The agreement is a part of the Hilton Food Group’s strategy to provide a diversified food portfolio to key retail partners.
Under a separate agreement, Hilton will continue servicing Tesco’s Central European stores with pre-packed meat.