A leader in the burgeoning clean meat industry has received multi-million dollar backing from some of the world’s most savvy investors.
Memphis Meats uses animal cells to produce clean meats. And the San Francisco Bay Area company confirmed today it has attracted $17 million in new funding, led by venture capital firm, DFJ, which has backed TESLA in the past; and household names including Bill Gates and Richard Branson. Memphis Meats says it will use the money to scale up production.
“We’re going to bring meat to the plate in a more sustainable, affordable and delicious way,” said Uma Valeti, Co-Founder of Memphis Meats. “The world loves to eat meat, and it is core to many of our cultures and traditions. Meat demand is growing rapidly around the world. We want the world to keep eating what it loves. However, the way conventional meat is produced today creates challenges for the environment, animal welfare and human health. These are problems that everyone wants to solve, and we can solve them by bringing this incredible group of partners under one tent. This group will help us accelerate our progress significantly.”
The company’s pioneering tech platform enables it to produce many types of meat for the market.
“Clean meat is an enormous technological shift for humanity, and an opportunity to invest in something so important does not come along often. This is a moment where the investment potential and the potential to do good for the world are both off the charts. Investors have been watching this space for years, and Memphis Meats has emerged as the clear leader. It is thrilling to watch the team work, and to try the products, which the entire DFJ team agreed are the real thing. I am so excited for the future that Memphis Meats will create.” said Steve Jurvetson, DFJ Partner.
Memphis Meats is a company of firsts. In March it announced it had produced the world’s first clean poultry – made using animal cells – including both chicken and duck. And today is another landmark moment for the clean meat innovator.
Bruce Friedrich, Executive Director of The Good Food Institute added: “GFI exists to transform agriculture away from the industrialized use of animals, and to do that effectively, we will need the meat industry to join us. Today is a watershed day for our environment, for sustainable food production, for global health, and for animals.”