Major Poultry Producer Invests in Lab-Grown Meat
Israeli company SuperMeat raised $3 million in seed funding to bring its slaughter-free chicken to market in three years.
January 2, 2018
Israel-based food tech startup SuperMeat announced this week that it raised $3 million in a seed-funding round. The company is one of several “clean” (also known as “cultured”) meat startups working to develop slaughter-free meat by growing a small amount of animal cells in a lab setting. The investment round was led by venture capital firms New Crop Capital and Stray Dog Capital, and PHW-Gruppe—one of Europe’s largest producers of poultry. PHW CEO Peter Wesjohann explained that the strategic equity investment in SuperMeat will help the meat company grow its portfolio of vegan products. “SuperMeat is consistent with our pursuit to provide Europe with sustainable, clean foods,” Wesjohann said. “We do not see this transaction as a financial investment but rather as the beginning of a long-term strategic partnership.” Wesjohann said that PHW will support the clean meat company in research and development of slaughter-free meat, granting SuperMeat access to PHW’s expansive marketing and distribution networks. “We’re proud that SuperMeat is at the forefront of the rapidly-evolving clean meat industry,” SuperMeat CEO Ido Savir said. “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.” SuperMeat initially raised $230,000 via an Indiegogo campaign in 2016, and Savir—who has been an ethical vegan for 20 years—plans to launch clean chicken in three years.