Israeli startup Future Meat raises £14m through Series A funding round

Israel-based startup Future Meat Technologies has raised $14m through Series A funding round, which was led by Chicago-based venture capital firm S2G Ventures and Swiss-based venture capital Emerald Technology Ventures.

Future Meat intends to use the proceeds for the construction of cultured meat pilot production facility in Tel Aviv, as well as enhance its research and development activities.

The facility, which will the world’s first cultured meat production site, is expected to begin its operations in 2020.

Future Meat Technologies CEO Rom Kshuk said: “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.

“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.”

Other investors that are part of the funding round include meat alternatives producer Monde Nissin’s CEO Henry Soesanto, UK-based venture capital firm Manta Ray Ventures and Chinese food and agriculture tech venture capital firm Bits x Bites.

The funding raised in the Series A round is the second largest in the cultured meat segment so far.

S2G Ventures managing director Matthew Walker said: “Future Meat Technologies’ innovative approach offers a differentiated and exciting path forward in the development of cultured meat.

“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.”

Established in 2018, Future Meat Technologies is engaged in the development of new manufacturing technologies that focus on cost-efficient and non-GMO production of meat directly from animal cells, thereby eliminating the need to raise or slaughter animals.

Future Meat uses quick growth of connective tissue cells called fibroblasts to achieve high densities before transforming the cells to cultured muscle and healthy fats.

Currently, the small-scale production cost of chicken is $150 per pound, while it is $200 per pound for beef. The firm aims to launch hybrid products at a competitive cost level by 2021. It also intends to release a second range of 100% cultured meat products at less than $10 per pound by 2022.

In May 2018, Future Meat Technologies secured funding through a seed investment round, which was co-led by Tyson Ventures, a venture capital arm of Tyson Foods.