©Aleph Farms and Technion
Israel-based Aleph Farms has completed a $105 million Series B funding round as it plans for large-scale global commercialisation of its cultivated beef steaks.
Aleph Farms is particularly known for successfully cultivating cell-grown meat in space and launching its Aleph Zero programme which focuses on advancing food security by producing meat independent of climate change and local natural resources.
The company plans to use the funds to scale-up manufacturing and grow operations internationally, as well as expand its product portfolio and technology platform ahead of initial market launch in 2022. Aleph Farms says it is currently working with regulatory agencies on its plans for market entry.
The funding round – which takes the start-up’s total funding to more than $118 million – was led by the growth fund of L Catterton and Middle East venture platform DisruptAD.
According to Aleph Farms, DisruptAD’s investment will help boost Abu Dhabi’s long-term focus on food resilience, and the start-up is evaluating the establishment of a manufacturing facility in the city to supply its cultivated meats across the UAE and broader Gulf Cooperation Council region.
Other participators include Skyviews Life Science and a consortium of global food and meat companies such as CJ CheilJedang, Thai Union and BRF – which entered into a Memorandum of Understanding with Aleph Farms earlier this year to distribute its cultivated meat in Brazil.
Existing investors VisVires New Protein, Strauss Group, Cargill, Peregrine Ventures and CPT Capital also participated in the Series B round.
“This additional capital from top-tier partners with unparalleled experience and expertise brings us significantly closer to our vision of providing secure and unconditional access to high-quality nutrition to anyone, anytime, anywhere,” said Didier Toubia, co-founder and CEO of Aleph Farms.
“We see our investors as partners for building this new category of meat and it was critical to us that they share our strong commitment to improving the sustainability of our global food systems.”
Michael Farello, a managing partner at L Catterton’s growth fund, said: “With cultivated whole-muscle cut steaks, an optimised platform for cost parity at scale, and a global partnership network with the world’s largest meat producers, Aleph Farms has differentiated itself as the leading cultivated meat company poised to go to market.
“We are excited to support their success as they prepare for global launch, and we look forward to leveraging our significant expertise in food and sustainable businesses that meet the needs of a changing consumer and a changing world.”
© FoodBev Media Ltd 2021
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