ImpactAlpha, May 8 – Lab-grown meat company Future Meat is in a race to bring lab-grown meat to market cost-effectively. The corporate venture arm of Tyson Foods led Future Meat’s $2.2 million round.
Global demand for meat is growing and the total market size is estimated at more than a trillion dollars, according to Future Meat CEO Rom Kshuk. “Making a healthy, non-GMO product that can meet this demand is an essential part of our mission,” he said in a statement. The company said it hopes to cut the cost of its alternative meat to $5 to $10 per kilo by 2020 from its current $10,000 per kilo.
- Where’s the beef… Tyson’s venture capital arm has also invested in Memphis Meats, another lab-grown meat company.
- Additional investment from… Israeli food conglomerate Neto Group, Chinese food tech accelerator Agrinnovation, and venture capital funds BitsXBites, Yissum and HB Ventures contributed to the round.