Cell-based meat may come faster than expected.  

Israel’s Future Meat Technologies has just raised $347 million in its Series B funding, the largest round in the cell-based sector to date. The proceeds will go towards constructing its US production facility planned for 2022 and further bringing down the cost of its cultivated chicken breast that has already reached $7.70 per pound. 

The round was co-led by ADM Ventures. It also included participation from a global investor in leading technology companies, in addition to the Menora Mivtachim pension and insurance fund which manages over $85 billion in assets. Other investors included S2G, Tyson New Ventures, Rich Products Ventures, Manta Ray Ventures, Emerald Technology Ventures, Cibus Fund, and the Sander Group. Having backed Future Meat in every round since 2018, Bits x Bites continued to back the company in this Series B. 

“We have consistently demonstrated that our single-cell technology and serum-free media formulations can reach cost parity faster than the market anticipates,” says Professor Yaakov Nahmias, founder and president of Future Meat. “We also demonstrated that our proprietary media rejuvenation technology enables cell densities greater than 100 billion cells per liter, translating to production densities 10-times higher than the industrial standard.”

“It is our mission to create a more sustainable future for coming generations. Our technology can produce meat on a fraction of the land currently used for meat production.” adds Nahmias.