Memphis Meats receives big backing
Aug. 23, 2017
by MEAT+POULTRY Staff
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Multiple investors, including Cargill, have invested in the clean meat company's expansion plans.
SAN FRANCISCO – Memphis Meats has announced the support of an unprecedented group of investors. The company’s Series A fundraising round raised $17 million from DFJ, a venture capital firm, Cargill, Bill Gates, Richard Branson as well as multiple research institutions.
“We’re going to bring meat to the plate in a more sustainable, affordable and delicious way,” explained Uma Valeti, MD, co-founder and CEO of Memphis Meats in a statement. “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.”
Memphis Meats plans to use the funds to accelerate and scale up its clean meat production while reducing the cost. Eventually, the cost of production would be lower than conventional meat costs, according to the company. Also, the company plans to use the investments to quadruple its headcount and grow its team of chefs, scientists, creative people and business people.
“We are committed to growing our traditional protein business and investing in innovative new proteins to ultimately provide a complete basket of goods to our customers,” said Sonya McCullum Roberts, president of growth ventures, Cargill Protein. “Our investment in Memphis Meats is an exciting way for Cargill to explore the potential in this growing segment of the protein market. Memphis Meats has the potential to provide our customers and consumers with expanded protein choices and is aligned with our mission to nourish the world in a safe, responsible and sustainable way.”