Israeli cultivated meat company Aleph Farms has raised $105 million in a Series B funding round jointly led by the Growth Fund of L Catterton and DisruptAD.
L Catterton is an American-French consumer-focused private equity firm while DisruptAD is the venture capital arm of Abu Dhabi’s newest sovereign wealth fund ADQ.
Aleph Farms said that Skyviews Life Science as well as a consortium of global food and meat companies including Thai Union, BRF, and CJ CheilJedang also participated in the funding round.
A bunch of other investors like VisVires New Protein, Strauss Group, Cargill, Peregrine Ventures, and CPT Capital pitched in as well.
With the new money, the startup has raised $118 million since it was founded in 2017 by chief executive officer Didier Toubia and chief scientific adviser Shulamit Levenberg.
Aleph Farms joins a number of alternative meat firms that have raised big cheques in the last few months. These include Israel-based Redefine Meat and Future Meat, American companies Beyond Meat and Impossible Foods Inc, and Nigeria’s VeggieVictory.
Aleph will use the money to execute its plans for large-scale global commercialization and portfolio expansion into new types of animal protein. The company claims it is the first to have grown steaks directly from the cells of cows.
The company will also look to set up a manufacturing facility in Abu Dhabi to supply its cultivated meat products across the UAE and the Gulf Cooperation Council countries.
Aleph also said that its near-term milestones include scaling up manufacturing, growing operations internationally, and expanding its product lines and technology platform ahead of an initial market launch in 2022. The company said it is working with regulators to gain market entry.