New Age Meats, a California-based cultivated meat start-up specializing in the cellular agriculture of pork, has raised a US$2 million seed extension round led by TechU Ventures. The funding will propel food science at NAM and accelerate the commercialization of the company’s first product, a pork sausage.
NAM is one of the latest start-ups to emerge in the nascent cultured meat arena which is ramping up to be one of the hottest spaces for future food. Currently, there is a wealth of start-ups around the world working on bringing a range of cell-grown meat, poultry, fish and seafood products to market.
The eco-friendly and ethical strategy of companies like this is to produce safe meat without slaughter, without compromising on taste, texture, smell and the cooking experience.
It’s all about mimicking meat products as closely as possible and making meat that consumers will prefer to conventional meat, explains Derin Alemli, Director of Operations & Finance at NAM.
“Consumer needs around meat are changing rapidly,” he tells FoodIngredientsFirst. The demand for higher quality is increasing in higher-income countries, while demand overall is rising as the middle-class population increases globally, all while the desire for sustainable consumption is growing as well.”
“The sky really is the limit,” Alemli maintains. Conventional agriculture is strained to a point that is unsustainable, he stresses. “It’s estimated that by 2050 we will have run out of farmable land to feed our world. It is imperative that we find solutions to this problem now while there is still time, and we are excited to be involved in helping humanity tackle this enormous task.”
“Our products can deliver on all of those needs – higher quality and safer meat made sustainably, with substantially lower resource needs than conventional farming.”
Looking beyond this extension round, NAM is working toward building its pilot facility, scaling product development and production.
“While working hard on product development, our next phase will be a Series A raise to fund our pilot facility, from which we will be able to bring our first product to market – a pork sausage,” Alemi continues.
Coalition of lab-grown meat and seafood companies
Earlier this month, New Age Meats also joined the Alliance for Meat, Poultry & Seafood Innovation (AMPS), a coalition of food companies dedicated to producing meat, poultry and seafood directly from animal cells and educating consumers and stakeholders about their new industry and advocating for a clear path to market for their products.
Fellow California-based Artemys Foods – which is aiming to unveil its first prototype hybrid hamburger – also joined the coalition at the same time as NAM.
“We look forward to collaborating with fellow members of our industry, with policymakers, and with other members of the food and agriculture sector as we work towards an open and science-based path to market for our products,” says Joshua March, Co-Founder and CEO of Artemys Foods.
“This is a transformative period for food and agriculture and our industry is poised to play a major role in delivering on many of the qualities that today’s consumers demand,” adds Jessica Krieger, Co-Founder and Chief Science Officer at the company.
For nearly a year, AMPS Innovation has coordinated efforts to engage key policymakers and stakeholders to educate them on their products and worked with Congress, the US Department of Agriculture and the Food and Drug Administration as they continue to build out a regulatory framework for cell-based/cultured meat, poultry and seafood.
With the addition of Artemys Foods and New Age Meats, AMPS Innovation says it will continue these efforts and stand as a “unified voice for the industry,” aiming to create a regulatory environment for the industry that will support continued innovation for years to come.
“We have ramped up our food science department with several hires. Matt Tom, who has previously worked with JUST, Impossible Foods and Ripple Foods, is working with us on a contract basis currently as our Head of Product with the expectation of coming on full time later this year. Additionally, Haani Jafri, an early employee at Impossible who was instrumental in their product development, has joined us as a Senior Food Researcher, adds Alemli.
“The science of growing the cell mass that goes into our food is but one part of our overall value – our food science team is key in iterating on our product prototype to ensure that those cells are delicious,” he concludes.
Also earlier this month, Dutch start-up Mosa Meat said it was another step closer to the commercial production of cultured beef following a new financing round that has seen the Bell Food Group invest a further €5 million (US$5.6 million). With this investment, the meat processor and manufacturer of convenience products in Switzerland reinforces its strategy to get a foothold in the booming market for alternatives to meat, and proactively shape new trends in the convenience food sector. The aim of this latest financing round is to raise money for the construction of an industrial production plant and drive forward the development and scaling-up of technology.
Source: Food Ingredients First
