Cultivated meat company Aleph Farms announced today it has completed a $105 million Series B round of funding, bringing the company’s total funding to date to $118 million. The Series B round was led by L Catterton and DisruptAD with participation from Skyviews Life Science, Thai Union, BRF, and CJ CheilJedang. Existing investors VisVires New Protein, Strauss Group, Cargill, Peregrine Ventures, and CPT Capital also participated in the round.
Israel-based Aleph Farms said the new funds will go towards increasing manufacturing, growing operations internationally, and expanding product lines. Currently, the company is developing a cultivated beef steak and will unveil a prototype for that product in November at the Agri-Food Innovation Summit.
There is of course an enormous difference between unveiling a prototype and making these whole-muscle cuts of cultivated meat at scale. One of the challenges for cultivated meat companies is being able to produce large quantities of product at a cost that is on par with traditional meat. Aleph Farms launched a new production process at the end of 2020 that will eventually be able to reach that price parity, according to the company.
The process is the first part of a phased build-out for Aleph’s forthcoming pilot production facility, which the company says will be operational by 2022. Aleph Farms also plans to do an initial market launch at that time. The Series B funding will, in bigger-picture terms, go towards helping the company realize that goal.
Aleph’s announcement today follows recent news from other cultivated meat companies that are also opening pilot production facilities and also aiming for commercial launches in 2022. That includes MeaTech 3D, also based in Israel and also developing whole cuts of cultivated meat. Another Israeli company, Future Meat, has already opened its facility and says it plans to sell cultivated meat in the U.S. by 2022.
Before anyone sells anything, however, these companies must get regulatory approval for each market they want to enter. So far, just one company, Eat Just, has regulatory approval to sell cultivated meat, and that’s only in Singapore. Along with price parity, getting regulatory approval is a major topic in the cultivated meat conversation these days.
Aleph Farms says it is working with regulatory agencies, though the company did not specify for which markets. Part of the company’s international expansion will be to the United Arab Emirates and the wider Gulf Cooperation Council (GCC) region. Aleph said it is also evaluating the possibility of a manufacturing facility located in the UAE.
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