USA – Good Meat, a division of San Fransisco-based food technology company Eat Just, has secured US$97 million in new funding, adding to the initial US$170 million publicized in May.
According to a statement from Eat Just, Good Meat will use the funds to increase capacity and accelerate R&D for high-quality, real meat made directly from animal cells.
The overall US$267 million fundraise is the largest to date in the burgeoning cultivated meat sector, which analysts predict could become a US$25 billion global industry by 2030.
Investors in the US$267m funding round included UBS O’Connor, a hedge fund manager within UBS Asset Management; Graphene Ventures; and K3 Ventures.
Resilience Reserve, a venture capital fund founded by entrepreneur Rob Reid and TED curator Chris Anderson, also participated in the round.
In addition to the funding announcement, Eat Just revealed that Good Meat has added two food and agriculture leaders to its ranks to help shape the company’s growth strategy.
Dan Glickman will serve on its Advisory Board; and Jim Borel, former executive vice president of DuPont, will join its board of directors.
Glickman has a wealth of experience in Agriculture having served as US Secretary of Agriculture from March 1995 until January 2001.
He is also actively involved with organizations that fight domestic and global hunger and promote agricultural research in pursuit of a safer, more sustainable food system.
Borel, on the other hand, is an experienced food executive having worked with Dupont where he led its DuPont Pioneer, Crop Protection, and Nutrition & Health businesses.
“This investment, along with the guidance of Secretary Glickman and Jim Borel, puts us in a position to execute our plans in multiple regions around the world,” says Josh Tetrick, co-founder and CEO of Eat Just, the parent company of Good Meat.
The investment and additions of Glickman and Borel follow Good Meat’s earlier announcement that it plans to build the first-ever cultivated meat facility in the Middle East and Northern Africa (MENA) region through a partnership with Doha Venture Capital and Qatar Free Zones Authority.
Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE