New Age Meats raises additional investment for plant-based meat products

US-based cultivated and plant-based meat company New Age Meats (NAM) has secured additional investment in the seed extension round.

Headquartered in Berkeley, California, NAM raised $2m of additional capital, which will add to the funding secured by the company in post-seed last year.

Investors, including ff VC, SOSV and Innovating Capital, San Diego Tech Coast Angels, BeniVC, Oceanic Partners, Deep Ventures, and Climate Capital participated in the funding round.

With the latest funding, the company has so far raised a total of $7m and it now intends to focus on a Series A funding round in the coming months.

New Age Meats CEO Brian Spears said: “Ultimately, we will fail if our products are too expensive and low volume to be served anywhere but luxury restaurants.

“We’ve focused relentlessly on driving down the cost and scaling production of our product: hybrid cultivated and plant-based meat that doesn’t sacrifice on flavour.

“We are well on our way to bringing that vision to market after our upcoming Series A.”

The investment will be used by the company for developing a team that will focus on bringing products from inception to mass market.

NAM claims that its first products, which include pork sausages and dumplings, offer the taste, aroma, and mouthfeel of conventional pork.

Spears added: “As we continue to ramp up to the market, we strategically brought on investors aligned with our short and long-term growth.

“This round includes a very large, significant industry player in Asia who for now must remain confidential. Additionally, Peter Rahal’s Litani Ventures has joined. His experience with RXBAR, from founding to exit, is invaluable as we navigate to become the largest meat company in the world.”