Israeli start-up SuperMeat has secured $3 million in seed funding as it aims to bring its lab-grown “clean chicken” products to market in the very near future.
The round was led by venture capital firms New Crop Capital and Stray Dog Capital. Both are committed to investing in more sustainable food systems and have previously backed big names in the alternative protein field such as Beyond Meat and SunFed.
SuperMeat’s products are produced by growing cells that have been extracted from a chicken. The cells are then grown in conditions that allow them to thrive, which the company says forms “high-quality chicken cuts”.
The process is said to put an end to the industrial need to mass produce animals for slaughter, while eliminating exposure to animal waste and food-borne illnesses.
Tel Aviv-based SuperMeat said it will sell its products at a similar price to conventional chicken currently on the market.
The start-up also announced that it has formed a strategic partnership with German poultry producer PHW-Gruppe.
SuperMeat CEO Ido Savir said: “We’re proud that SuperMeat is at the forefront of the rapidly-evolving clean meat industry.
“Our team is comprised of a diverse group of top-tier scientists, food engineers and chefs, working together with the best production experts from the pharmaceutical industry to create a new generation of meat products that are sustainable, cost-efficient, animal-friendly, and of course delicious.
“We are proud to partner with a top-tier meat producer like PHW; this partnership will enable us to bring to market a revolutionary new generation of tasty, sustainable meat products throughout Europe and beyond.”
PHW-Gruppe CEO Peter Wesjohann added: “We at PHW have time and again left the beaten path in conducting our business. This approach not only facilitates the development of best-in-class animal welfare concepts in our core poultry business, but will also lead to the strengthening of our vegan product portfolio, confirming our leading role in the global consumer trend towards a cleaner, more protein-rich diet.
“The equity investment in SuperMeat is evidence of our forward-thinking strategy. SuperMeat is consistent with our pursuit to provide Europe with sustainable, clean foods. We do not see this transaction as a financial investment but rather as the beginning of a long-term strategic partnership.”
SupeMeat is the latest meat alternative brand to secure high-profile backing. In August, Memphis Meats completed a $17 million fundraising round from backers including Bill Gates and Richard Branson.
Last month, Beyond Meat benefited from $55 million in funding led by Tyson Foods and venture capital firm Cleveland Avenue.
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