Memphis Meats, California company pioneering the production of cell-based meat, poultry and seafood has closed a major new funding round, enabling market launch.
Having closed a $161 million funding round, the biggest in its history, Memphis Meats will now be able to bring its products to consumers.
As well as funding a commercial launch, the company will also use the capital to build a pilot production facility and bolster its team.
Although a date hasn’t yet been announced for a product launch, the company said it is “working with regulatory agencies to ensure a timely and safe market entry”.
Led by Softbank Group, Norwest and Temasek, the Series B funding round also now contributions from new and existing investors including Richard Branson and Bill Gates alongside major industry players Cargill and Tyson Foods.
This round also extends the Memphis Meats coalition to Asia, which, it said, is a strategically valuable market for cell-based meat.
“Cell-based meat is poised to dramatically expand humanity’s capacity to feed a growing global population while preserving our culinary traditions and protecting our planet,” said Uma Valeti, co-founder and CEO of Memphis Meats.