Source: Globes correspondent
Israeli clean meat biotech and food-tech company SuperMeat has announced today that it has raised $3 million in seed funding led by US-based venture capital fund New Crop capital and VC firm Stray Dog Capital.
The Tel Aviv based startup has also formed a strategic partnership with PHW, one of Europe’s largest poultry producers, and an equity investor in the company. Both firms are committed to investing in more sustainable food systems, and have previously backed big names in the alternative protein field such as Beyond Meat and SunFed. This new round of funding comes on the heels of a successful Indiegogo campaign which raised $230,000 in pre-orders for SuperMeat’s clean meat products.
SuperMeat’s clean meat is produced by growing cells that have been painlessly extracted from a chicken. The cells are then grown in conditions that allow them to thrive, forming high-quality chicken cuts. This process puts an end to the need to mass produce animals industrially for slaughter, while eliminating exposure to animal waste and food-borne illnesses; the potential benefits for public health and animal welfare are therefore considerable.
Clean meat is also highly beneficial for the environment, with drastically reduced carbon and ecological footprints compared with current meat production methods.
With the new funding, the company plans bringing its clean chicken products to market within three years, at a price point similar to the conventional chicken products currently available on store shelves.
SuperMeat cofounder and CEO Ido Savir said, “We’re proud that SuperMeat is at the forefront of the rapidly-evolving clean meat industry. Our team is comprised of a diverse group of top-tier scientists, food engineers and chefs, working together with the best production experts from the pharmaceutical industry to create a new generation of meat products that are sustainable, cost-efficient, animal-friendly, and of course – delicious. We are proud to partner with a top-tier meat producer like PHW; this partnership will enable us to bring to market a revolutionary new generation of tasty, sustainable meat products throughout Europe and beyond.”