New Age Meats' cultivated pork sausages.
Cultivated and plant-based meat start-up, New Age Meats, has raised an additional $2 million in Seed extension funding.
The new funds add to a $2 million post-Seed raise announced last year, and the California-based company says that it is now turning its sights towards a Series A round in the coming months.
Founded in 2018, New Age Meats is initially focusing on developing pork products.
The company says that the additional funds will allow it to continue building a team experienced in bringing products from inception to mass market.
Hires in the last year reportedly include bioengineers with product development and scaling experience, as well as Impossible Foods alumni.
“Ultimately, we will fail if our products are too expensive and low volume to be served anywhere but luxury restaurants,” said Brian Spears, New Age Meats’ CEO.
“We’ve focused relentlessly on driving down the cost and scaling production of our product: hybrid cultivated and plant-based meat that doesn’t sacrifice on flavour.”
Spears continued: “As we continue to ramp up to market, we strategically brought on investors aligned with our short- and long-term growth.
“This round includes a very large, significant industry player in Asia who for now must remain confidential. Additionally, Peter Rahal’s Litani Ventures has joined. His experience with Rxbar, from founding to exit, is invaluable as we navigate to become the largest meat company in the world.”
The round also received participation from ff VC, SOSV and Innovating Capital, as well as San Diego Tech Coast Angels, BeniVC, Oceanic Partners, Deep Ventures and Climate Capital.
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