Memphis Meats Raises $17 Million from Major Investors

The "clean" meat company is now backed by animal-agriculture giant Cargill, business magnate Richard Branson, billionaire Bill Gates, and Kimbal Musk.

This week, food technology company Memphis Meats announced that it received $17 million in Series A funding from a handful of major investors. This round of funding is unique as it achieves several industry firsts: receiving funding from meat-industry incumbent Cargill; becoming the first company to attract funding from Sand Hill Road Investor (DFJ); and becoming the first “clean”—also known as “cultured”—meat company to close a Series A funding round. In this round of funding, Memphis Meats—which grows animal cells into meat in a laboratory setting without the necessity of slaughter—also received funding from Virgin Group founder Richard Branson, billionaire Bill Gates, and entrepreneur Kimbal Musk. Bruce Friedrich, executive director of food advocacy nonprofit Good Food Institute (GFI), said this move will help involve the meat industry in the global shift away from industrialized animal agriculture. “At GFI, we are excited to see people like Bill Gates and Richard Branson investing in Memphis Meats,” Friedrich said, “but we are most excited by Cargill’s participation. Today is a watershed day for our environment, for sustainable food production, for global health, and for animals.” To date, Memphis Meats has raised $22 million in capital funding and plans to debut its premiere product to the public by 2021. Earlier this month, Hampton Creek CEO Josh Tetrick announced his plans to engage the meat industry in changing the global food system by licensing his company’s clean meat technology—projected to debut its first product by the end of 2018—directly to major meat companies for use in creating slaughter-free meat instead of farming animals.

More News

Snack Brand Debuts Vegan Space Ice Cream

Seva Foods' freeze-dried Space Ice Kream is an indulgence for astronauts and land-dwellers alike.
Read More »

NYC All-You-Can-Eat Ice Cream Fest Offers Vegan Scoops

Three-day festival Scooper Bowl in Bryant Park will treat guests to ice cream of every variety, including dairy-free scoops from Van Leeuwen, Ben & Jerry's, and Häagen-Dazs.
Read More »

Animal Ag Companies Fined $29M for Destroying Amazon

The government of Brazil slapped a hefty fine on feed suppliers to meat and dairy companies that sell to McDonald's, Burger King, and Walmart for destroying the country's biodiverse Cerrado region for profit.
Read More »

Moby Retires from Touring to Focus on Activism

…and to make vegan smoothies every morning after waking up in his own bed.
Read More »

UK Version of Beyond Burger Expands Across London

British vegan brand Moving Mountains expands its B12 burger to five locations of meat-centric chain Dirty Bones—where it will be served topped with vegan mac and cheese.
Read More »

This Week on VegNews TV: The secret to these delightful sweet treats is white beans! Aylin Erman shows you how to make these simple blondies.

More Videos »