The alternative meat start-up is focusing on pork products and the seed extension round attracted an unnamed large industry player in Asia
New Age Meats, a cultivated and plant-based meat start-up in Berkeley, California, with an initial focus on pork, has announced the closing of a seed extension totalling $2 million, adding to the funds raised post-seed announced late last year.
Founded in 2018, the company has now raised $7 million and is planning a Series A in the coming months.
New Age Meats’ chief executive Brian Spears said: “As we continue to ramp up to market, we strategically brought on investors aligned with our short and long-term growth.
“This round includes a very large, significant industry player in Asia who for now must remain confidential. Additionally, Peter Rahal’s Litani Ventures has joined. His experience with RxBar, from founding to exit, is invaluable as we navigate to become the largest meat company in the world.”
Other investors in the round include follow-on investments from ff VC, SOSV, and Innovating Capital, as well as new investments by San Diego Tech Coast Angels, BeniVC, Oceanic Partners, Deep Ventures, and Climate Capital.
New Age Meats said it will use the funds to increase headcount. Hires over the past year include bioengineers with product development and scaling experience, and a food team featuring Impossible Foods alumni.
The company stated that its first products, pork sausages and dumplings, replicate the taste, aroma, and mouthfeel of conventional pork.
Spears said: “Ultimately, we will fail if our products are too expensive and low volume to be served anywhere but luxury restaurants.
“We’ve focused relentlessly on driving down the cost and scaling production of our product – hybrid cultivated and plant-based meat that doesn’t sacrifice on flavour. We want to make the world a better place by making better decisions easy. We are well on our way to bringing that vision to market after our upcoming Series A.”
Date published: 10 February 2021