Future Meat Technologies, the Israel-based biotechnology company, has received an investment of $2.2 million. The funding round was led by Tyson Ventures, the venture capital arm of Tyson Foods, and joined by the Neto Group, S2G Ventures, BitsXBites, Agrinnovation and HB Ventures.
The company claims that the funding will help establish its engineering activities, increase its biological research and help recruit more engineers, chefs and scientists. This venture is not the first one of its kind for Tyson Foods, which also invested in lab-grown meat startup Memphis Meats in January and part-funded a $55 million investment in meat alternative company Beyond Meat in December 2017.
“This is our first investment in an Israel-based company and we’re excited about this opportunity to broaden our exposure to innovative, new ways of producing protein,” said Justin Whitmore, executive vice-president, corporate strategy and chief sustainability officer at Tyson Foods. “We continue to invest significantly in our traditional meat business but also believe in exploring additional opportunities for growth that give consumers more choices.”
The CEO of Future Meat Technologies, Rom Kshuk, also commented on the news about the investment: “Global demand for protein and meat is growing at a rapid pace, with an estimated worldwide market of more than a trillion dollars, including the explosive growth in China. We believe that making a healthy, non-GMO product that can meet this demand is an essential part of our mission.”
Professor Yaakov Nahmias, Future Meat Technologies’ founder and chief scientist, talked about the company’s goals and achievements: “It is difficult to imagine cultured meat becoming a reality with a current production price of about $10,000 per kilogram. We redesigned the manufacturing process until we brought it down to $800 per kilogram today, with a clear roadmap to $5-10 per kg by 2020. Animal fat produces the unique aroma and flavour of meat that makes our mouth water. I want my children to eat meat that is delicious, sustainable and safe. This is our commitment to future generations.”