Jerusalem-based Future Meat Technologies has raised $347 million in a Series B round, marking possibly the largest single funding round for a cultured meat company.
ADM Ventures, an investment arm of the Chicago-based multinational food company Archer-Daniels-Midland, and an unnamed global tech investor jointly led the round.
The company’s founder and chief executive officer Yaakov Nahmias told Bloomberg that Tyson Foods Inc., the biggest US meat company, also participated. Tyson Foods is already an investor in Future Meat.
Future Meat joins a bunch of Israeli alternative meat company to snag a funding cheque this year from private investors including from Hollywood celebrities.
In October, actor Ashton Kutcher backed Israeli cultivated meat company MeaTech 3D Ltd. The investment, said Kutcher, will accelerate the commercialization of its cell-based beef, chicken and pork products.
Kutcher’s investment follows Oscar-winning actor and environmental activist Leonardo DiCaprio’s investment in Israeli cultivated meat company Aleph Farms. In July, Aleph Farms had raised $105 million in a Series B funding round jointly led by the growth fund of private equity firm L Catterton and the UAE’s DisruptAD.
In February, Redefine Meat raised $29 million in a Series A funding round to launch its products in Europe, Asia and North America.
Future Meat said it will use the fresh capital to build a production facility in the US, which will go on stream in 2022. The new facility will follow one opened by Future Meat at its headquarters in Rehovot, Israel, with the capacity to produce 500 kilograms of cultured meat product per day.
“This financing consolidates Future Meat’s position as the leading player in the cultivated meat industry, just three years after our launch,” said Nahmias, according to a report in The Times of Israel.
“Our singular technology reduced production costs faster than anyone thought possible, paving the way for a massive expansion of operations. Our team will break ground on the first-of-its-kind, large-scale production facility in the United States in 2022.”