Funding to support the Berkeley-based company’s US production plans in 2022
Cultivated meat business New Age Meats has secured $25 million in Series A funding to support its 2022 production plans.
The round was led by multinational energy services, petrochemical, and real estate development company Hanwha Solutions, with additional funding from previous investors SOSV’s IndieBio, TechU Ventures, ff VC and Siddhi Capital.
Berkeley-based New Aged Meats will use the capital to fund a significant internal expansion to double its workforce and the development of a 20,000 foot pilot manufacturing facility in California.
Its US production launch will depend on the Food and Drugs Administration approving regulations to legalise cultivated meat production and sales in the country.
The company expects to scale its production quickly once regulations are passed.
Prior to its Series A, New Age Meats raised $7 million in funding via a number of VC groups including Hemisphere Ventures and Deep Ventures.
New Aged Meats CEO Brian Spears said of the round: “Hanwha, more than any other investor, really got our unique approach and that is to understand why our senses light up when we eat meat — then create a sustainable and humane process that delivers this experience in an affordable and widely available way.”
“We believe our hybrid products, which combine cultured meat with plant-based protein, do just that. And we’re moving as quickly as possible to scale up and satisfy the growing demand for affordable meat alternatives around the world,” Spears added.
Date published: 28 September 2021