New Age Meats, the Californian cell-based meat startup specialising in cultivated pork, recently announced that it has raised a $2M Seed extension round led by TechU Ventures. The company has to date raised $5M from 13 investors, according to Crunchbase.com.
TechU Ventures is an early-stage investment firm that supports entrepreneurs building platform technologies that harness complex science and engineering breakthroughs for enduring global impact. ff Venture Capital, the lead investor from New Age Meats’ previous round, also participated in the extension, along with follow-on investments from SOSV, Sand Hill Angels, and Siddhi Capital. The firm also welcomed the Losa Group from Central America and members of San Diego Tech Coast Angels onto the cap table.
In May we reported that the US Government Accountability Office (GAO) had produced a report into how the cell-based meat industry is struggling to move beyond the R&D phase, so will this funding allow New Age Meats to unlock some of the barriers noted in the report?
The additional funding will allow New Age Meats to further expand its Food Science department, implement more automation and robotics and continue to drop the cost of its first product, a pork sausage. Looking to the future, New Age Meats is working toward building its pilot facility, scaling product development and production, and getting its first products to market.
Brian Spears, CEO stated for a press release: “Food science is incredibly important to our overall mission. We make meat that consumers prefer to conventional meat. That requires us to invest in understanding how we perceive animal protein. What is the science behind the experience of smelling, seeing, and eating tasty meat? The mission of our company is to make safer meat without slaughter, but we will never be successful unless our products are delicious. With an expanded food science department we are able to deliver on that promise.”