Cell-based New Age Meats raises $2m in seed funding
TechU Ventures has led the funding round, which brings the total capital raised to date to $4.7 million
New Age Meats, a cell-based protein start-up based in San Francisco, has raised $2 million in an extension of a seed financing round led by TechU Ventures. Based in New York, TechU invests in deep-tech companies.
Founded in 2018 by chief executive Brian Spears, New Age Meats specialises in the cellular agriculture of pork, and it’s currently developing a range of pork sausages.
FF Venture Capital, the lead investor in the previous seed round closed in January, also participated in the extension, along with other Sand Hill Angels, an existing investor.
Losa Group and members of San Diego Tech Coast Angels also supported New Age Meats in this round.
The fresh capital brings the total sum raised to date to $4.7 million.
New Age Meats plans to use the funds to expand its food science department, implement more automation and robotics, and reduce the cost of its first sausage product.
“Food science is incredibly important to our overall mission,” said Spears. “We make meat that consumers prefer to conventional meat. That requires us to invest in understanding how we perceive animal protein. What is the science behind the experience of smelling, seeing, and eating tasty meat?”
Spears said the mission of the company is to make safer meat without slaughter, and that it will never be successful unless its products are delicious.
“With an expanded food science department we are able to deliver on that promise,” he concluded.
Beyond this round, New Age Meats is working toward building its pilot facility, scaling product development and production, and getting its first products to market.