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Cell-Based Meat Start-up Memphis Meats Raises $161 Mln In New Funding

memphismeats jan23 lt

Memphis Meats, a cell based meat start-up, raised $161 million in a new round of funding from Softbank Group-led investors, in order to launch products to the market.

With this, total funding exceeds $180 million. The California-based start-up said it is the largest funding round in the cell-based meat industry.

Memphis Meats intends to use the new funding to build a pilot facility for the production of its cell-based meat, increase the number of employees, and to bring its products to the market.

The company is yet to announce a date for product launch, and is working with regulatory agencies for a timely and safe market entry.

Memphis Meats said the latest funding extends its coalition to Asia, which is considered to be a major market for cell-based meat as it faces significant challenges to meet demand for meat.

The new investors in the Series B round also include Norwest and Temasek, a Singapore government-backed investment fund. It has also received financial support from new and existing investors including Virgin Group founder Richard Branson, billionaire Bill Gates, Threshold Ventures, Cargill, and Tyson Foods, among others.

Branson said, "I am proud to invest once again in Memphis Meats, the world's leading cell-based meat company. In the next few decades I believe that cell-based meat will become a major part of our global meat supply. I cannot wait for that day!"

Memphis Meats, which develops technologies to produce meat directly from animal cells, without the need to breed or slaughter animals, was founded by cardiologist Uma Valeti and cell biologist Nicholas Genovese. The company launched the world's first cell-based beef meatball in 2016 and the first cell-based chicken and duck in 2017.

Valeti, CEO of Memphis Meats, noted that cell-based meat is poised to dramatically expand humanity's capacity to feed a growing global population.

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