Future Meat Technologies today announces the closure of a $14 million Series A funding round led by S2G Ventures, a Chicago-based venture capital firm and one of the forces behind Beyond Meat’s IPO, and Emerald Technology Ventures, a Swiss-based venture capital firm recognized for its leadership in industrial innovation.
Founded in 2018, Future Meat Technologies calls itself a pioneer in the cost-efficient, GMO-free production of meat directly from animal cells, without the need to raise or harvest animals. The company has a highly sustainable manufacturing model resulting in 99% less land use and 80% less greenhouse gas emissions than traditional meat. Funding will be used to expand R&D efforts and build the world’s first cultured meat pilot production facility, estimated to begin operations in 2020, south of Tel Aviv.
“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’ groundbreaking 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.
“I personally want to make sure my children and grandchildren will be able to enjoy the same meat dishes that I grew up with. The worldwide demand for protein is growing exponentially, and the only way to meet this demand is by fundamentally reinventing animal agriculture. Future Meat Technologies created a cost-effective solution for cultured meat manufacturing that is scalable and sustainable by design,” noted Prof. Yaakov Nahmias, the company’s founder and Chief Scientist.
This Series A funding marks the second largest investment round in the cultured meat sector to date, indicating significant interest from the financial community in the entire meat market – amid growing demand for sustainability in the face of deforestation and climate change.