Israel-based Aleph Farms, which grows steaks directly from non-genetically modified animal cells, has completed a $105 million Series B funding round.
The company will use the money to pursue its plans for large scale global commercialisation of cultivated beef steaks and portfolio expansion.
Short-term plans include scaling up manufacturing, growing operations internationally and expanding its product lines and technology platform ahead of Aleph Farms' initial market launch in 2022. The firm says it is working with regulatory agencies on its plans for market entry.
The funding round was led by the Growth Fund of L Catterton, the largest global consumer-focused private equity firm, and DisruptAD, one of the biggest venture platforms in the Middle East. Other new and existing investors also took part. To date Aleph Farms has raised more than $118 million.
As a strategic partner to DisruptAD, Aleph Farms will evaluate the establishment of a manufacturing facility in Abu Dhabi, to supply its cultivated meat products across the UAE and broader GCC region.
Didier Toubia, co-founder and CEO of Aleph Farms, said: “This additional capital from top-tier partners with unparalleled experience and expertise brings us significantly closer to our vision of providing secure and unconditional access to high-quality nutrition to anyone, anytime, anywhere. We see our investors as partners for building this new category of meat and it was critical to us that they share our strong commitment to improving the sustainability of our global food systems.”
Michael Farello, a managing partner at L Catterton’s Growth Fund, added: "With cultivated whole-muscle cut steaks, an optimised platform for cost parity at scale, and a global partnership network with the world’s largest meat producers, Aleph Farms has differentiated itself as the leading cultivated meat company poised to go to market."
This story was originally published on a previous version of the Meat Management website and so there may be some missing images and formatting issues.
