ImpactAlpha, October 15 – Israeli startup Future Meat has secured $14 million to roll out hybrid plant-based/lab-grown beef and chicken products next year and fully lab-grown products by 2022.
Meanwhile, U.S. company Wild Type has raised $12.5 million to develop lab-grown lox and salmon fillets.
Both companies are part of a hot “alternative protein” market that promises to deliver more sustainable plant-and/or cruelty-free proteins to feed a growing planet.
The challenge cultured meat companies like Future Meat and Wild Type face is developing affordable products: Future Meat’s chicken and beef products currently cost $150-$200 per pound to produce, while a few slices of Wild Type’s salmon cost about $200.
Both companies say the financing will help them shrink those unit costs to $5 to $10.
Agritech investor S2G Ventures backed Future Meat while CRV, Maven Ventures, Spark Capital and Root Ventures backed Wild Type.