Lab-grown meat producer Memphis Meats raises $161 million in funding led by SoftBank

This post was originally published on this site

https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEG0L25F_L.jpg

(Reuters) – Lab-grown meat producer Memphis Meats said on Wednesday it raised $161 million in a funding round led by Japan’s SoftBank Group (T:), Singapore’s wealth fund Temasek Holdings and Norwest Venture Partners.

The company said https://www.dropbox.com/sh/a8d448rg2ia38wb/AADm73yA_KTatQr7C4RmZHTEa/Press%20releases?dl=0&preview=Series+B+press+release.pdf&subfolder_nav_tracking=1 the latest round took total funding to over $180 million and drew investment from new and existing investors such as Bill Gates, Richard Branson and meat producer Tyson Foods (N:).

The company did not disclose the valuation at which the funding was made.

Memphis Meats makes its products from animal cells in labs, differing from companies like Beyond Meat (O:) and Impossible Foods, which develop their meat alternatives from plant-based proteins.

Berkley, California-based Memphis Meats said it would use the funds to build a pilot production facility and launch new products.

Plant-based meat and other meat alternatives are soaring in popularity, with millennials and Gen Z consumers increasingly shunning beef, poultry and pork for environmental and health reasons.

Beyond Meat shares have risen five-fold from their May IPO price and the company has benefited from partnering with Subway and McDonald’s (N:). Rival Impossible Foods has tied up with Burger King (TO:) and White Castle.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.