Cell-cultured meat company New Age Meats has announced a $25 million Series A funding raise. The funding will allow the Berkeley-based company to begin production of its first cell-cultured and plant-based hybrid pork products by 2022.
New Age Meats, which was founded in 2018, will also use the Series A funding to double its workforce, and in a crucial milestone for the company, build a 20,000-square-foot pilot manufacturing facility in Alameda, California.
The company’s first product line will be a variety of sausage products, with an eye towards large pork consumers like China. New Age Meats claims its production process is designed to scale up quickly to meet demand in such rapidly growing markets. In an interview with vegconomist, New Age Meats CEO Brian Spears explained: “One of the reasons we chose pork is that it’s the most commonly consumed animal in the world.”
Focusing on hybrid products that are a combination of cultured meat with plant-based protein, New Age will also develop its commercial capabilities to deliver the first product line in the US in 2022. These goals are pending approval from federal regulators, but the USDA is currently moving forward with regulatory requirements on labeling.
“If the pandemic and climate change has underscored anything, it is that the world needs to find dramatically better ways to satisfy the growing demand by billions of people for protein without harming animals or further hurting the environment,” explained Spears.
“We believe our hybrid products, which combine cultured meat with plant-based protein, do just that,” Spears added.