TEL AVIV, Israel – Biotech and food tech startup SuperMeat gained $3 million in a seed funding round led by venture capital firms.
SuperMeat products are made by growing cells extracted from chickens. The company expects to use the money to bring its products to market at a price point competitive with conventionally produced chicken cuts.
“We’re proud that SuperMeat is at the forefront of the rapidly-evolving clean meat industry,” said Ido Savir, co-founder and CEO of the company. “Our team is comprised of a diverse group of top-tier scientists, food engineers and chefs, working together with the best production experts from the pharmaceutical industry to create a new generation of meat products that are sustainable, cost-efficient, animal-friendly, and of course - delicious.”
In addition to a successful funding round, SuperMeat announced a partnership with PHW, a leading poultry producer in Rechterfeld, Germany, that markets chicken, turkey and duck products under the Wiesenhof brand. In a statement, Peter Wesjohann, CEO of PHW-Gruppe, said the company’s equity investment in SuperMeat demonstrates how PHW has “left the beaten path” in conducting business.
“SuperMeat is consistent with our pursuit to provide Europe with sustainable, clean foods — we do not see this transaction as a financial investment but rather as the beginning of a long-term strategic partnership,” Wesjohann explained. “We look forward to working together with SuperMeat and are committed to supporting the company in its research and development, as well as the strategic positioning of its products in the European market. Our R&D, marketing and distribution expertise will contribute to the success of this exciting and promising company — thereby contributing to the development of cultured meat.”