Future Meat Technologies, a Rehovot-based foodtech startup developing cultured meat, has raised $347 million in Series B round of financing, the company announced Friday.
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The round was co-led by ADM Ventures, the venture investing arm of ADM, a global leader in human and animal nutrition. It also included participation from a global investor in leading technology companies, the Menora Mivtachim pension and insurance fund which manages over $85 billion in assets, and S2G Ventures. Other investors included industry leaders Tyson New Ventures, the venture capital arm of Tyson Foods and Rich Products Ventures, Manta Ray Ventures, Emerald Technology Ventures, ADM Capital (Cibus Fund), Bits x Bites, and the Sander Group. The company noted these investors represent massive support from key players in North America, Europe, and Asia.
"We are incredibly excited by the massive support of our global network of strategic and financial investors," said Professor Yaakov Nahmias, founder and president of Future Meat.
"This financing consolidates Future Meat's position as the leading player in the cultivated meat industry, just three years after our launch. Our singular technology reduced production costs faster than anyone thought possible, paving the way for a massive expansion of operations. Our team will break ground on the first-of-its-kind, large-scale production facility in the United States in 2022."
Future Meat opened the world's first cultivated meat production line in Israel earlier this year and is now scouting several locations in the United States for its projected large scale production facility.
Alongside its Series B funding, the company also announced that it is now producing cultivated chicken breast for just $7.70 per pound, or $1.70 per 110-gram chicken breast, down from under $18 per pound just six months ago. This cost reduction already surpassed the 18-month timeline projection that was announced in May of 2021 by the company's former chief executive Rom Kshuk.
