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Jennifer Marston

July 22, 2021

InFarm Bets on Modular for the Future of CEA Growing

Much of the recent news (and investment dollars) in vertical farming has centered on massive, stationary plant factories that produce pounds of leafy greens in the millions. 

Bucking this norm — and possibly building a new one for indoor agriculture in the process — is a company called InFarm. Those that follow indoor ag developments closely will be familiar with the name, and may even have purchased greens at one of the stores where the company keeps its farms.

The Berlin, Germany-based company, founded in 2013, has long been known for its small, pod-like hydroponic farms it installs in grocery stores in restaurants. Greens can be harvested onsite — a major advantage when it comes to leafy greens, which are delicate and often get harmed during shipping and distribution. These mini-farms are currently in a few hundred locations around the world.

Earlier this year, the company also launched the first of a planned 15 InFarm Growing Center facilities. Each of these will produce the equivalent of 10,000 square meters of farmland, which is 1 hectare or about 2.47 acres in traditional farmland.  

Modularity is a key component of both concepts, as is the idea of a decentralized network of farms that share data with a main hub. Right now, the norm for vertical farming tends towards large, warehouse-sized farms that are stationary and can therefore only serve certain regions. Typically, companies like West Coast-based Plenty or AeroFarms in the Northeast and Kalera in the South distribute their greens to grocery retailers within a certain distance, usually no more than one day’s drive. If these companies want to expand to new markets, another lengthy construction must be planned and executed.

InFarm’s pods don’t go up overnight, but as CEO Erez Galonska explained to The Spoon recently, the company can respond more quickly to demand in any given area because of the pods’ modular design. For example, a farm might be built and operating within six weeks, versus eighteen months for a larger, less mobile build like those of other vertical farm companies.

Size-wise, InFarm’s units are anywhere between 30 and 100 feet tall. At maximum capacity, they can produce more than 500,000 plants per year. For now, crops are largely in the leafy greens space, though InFarm did recently say it is expanding its crop capabilities to mushrooms, tomatoes, and chilis. Galonska says the company has more than 75 products, and eventually wants “to fulfill our ultimate goal of offering the whole vegetable and fruit baskets.”

Leafy greens require fewer inputs (water, energy) than other vegetables to grow, which is one of the reasons they’re such a popular crop. And as was recently explained by World Wildlife Fund, energy consumption is still a major hurdle (among others) for indoor farming, and one reason the sector hasn’t moved far beyond leafy greens.

Collecting more data on plant growth and optimal growing conditions could help companies like InFarm eventually lower costs. It’s one of the reasons we see more and more indoor farming companies now talk about their “network,” where all farms are connected to the same network and feed data on plant growth back to the main system. InFarm’s units connect to the company’s HQ via the cloud and generate billions of data points that inform InFarm research and production. 

“The most important factor is the quantity and quality of the data that we are able to collect and generate insights from,” says Galonska. “Embedded in each and every one of our farms are more than 75 lab-grade sensors. Using hyperspectral cameras and scanning lasers, we track growth speed, photosynthesis activity and stress responses of our crops, giving real time biofeed back to how our plants are doing.”

He adds that his company has seen an 82 percent reduction in unit costs since 2018 and a 240 percent improvement in yield. The challenge, of course, will be continuing to get those gains as the company widens its crop varieties outside of the leafy green realm.

Galonska agrees that vertical farming is still a fairly capital-intensive business, which is another reason InFarm has chosen a de-centralized network for its business. “If you think of larger-scale farms, they require a lot of upfront investment and can take some time to set up,” he says. “We took a modular approach to help address this, reducing the amount of cash needed to start operations and speeding up the process.”

July 21, 2021

Shiok Meats Closes Bridge Funding Round, Plans R&D Facility for Cultivated Seafood

Cultured seafood company Shiok Meats has raised an undisclosed amount of investment in a bridge funding round from Woowa Brothers Asia Holdings, CJ CheilJedang Corporation, and Vietnamese-based seafood exporter Vinh Hoan Corporation. This brings Shiok Meats’ total funding to date to $30 million, according to a company press release. 

The round also included existing investors IRONGREY, Big Idea Ventures, Twynam Investments, Henry Soesanto, The Alexander Payne Living Trust, Beyond Impact Vegan Partners, Boom Capital Fund, Toyo Seikan Group Holdings, and Mindshift Capital.

While Shiok Meats did not disclose the exact amount of the bridge round, it likely clocked in around the $10 million mark, a figure based on publicly available information about the company’s financials.  

The new funds will go towards building an R&D production facility in Singapore, where the company is based. To date, Shiok Meats has developed cultivated shrimp and lobster, and aims to eventually produce those products at scale via its production facility.

Several other cultivated protein companies, including Future Meat, MeaTech 3D, and fellow cultured-seafood company Willdtype, have also announced production facilities over the last few months. BlueNalu, another seafood-focused company, announced a production facility back in 2020 that is slated to be operational towards the end of this year.

For its part, Shiok Meats says it plans to launch in Singapore by 2023 at the latest. The company received the prestigious Startup SG Tech Proof-of-Value grant, which helps companies fast-track development of their technologies/products and which could help Shiok Meats get to market faster.

In Singapore, at least, Shiok already has competition. San Francisco, California-based Eat Just nabbed the world’s first-ever regulatory approval to sell cultivated meat from Singapore and is currently selling its “chicken” at restaurants in the city-state.   

July 20, 2021

Delivery Service Swiggy Raises $1.25B

Indian delivery service Swiggy has closed a $1.25 billion round of Series J funding led by Softbank Vision Fund 2 and Prosus Ventures, according to TechCrunch. Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments and Carmignac participated in the fundraising, as well as existing investors Accel Partners and Wellington Management.

The “heavily oversubscribed” round includes the $800 million the company raised earlier this year. To date, Swiggy has raised $2.9 billion in funding and has a post-money valuation of $5.5 billion.

Like its rival Zomato (who filed to go public in April 2021), Swiggy is best known across India for its restaurant food delivery service. However, Swiggy’s Chief Executive Sriharsha Majety said that this new funding will also help accelerate its non-food categories in addition to traditional restaurant delivery. “I believe the next 10-15 years offer a once-in-a-lifetime opportunity for companies like Swiggy as the Indian middle class expands and our target segment for convenience grows to 500 million users,” he told TC.

In 2020, Swiggy expanded its service to include delivery of grocery, household items, and laundry, among other categories. 

Zomato, too, has branched out beyond restaurant delivery with its Zomato Marketplace that connects restaurant owners with suppliers of non-food items. The company raised $1.3 billion in its IPO recently. 

The move to offer more than just restaurant meals is similar to developments in other parts of the world. A chief example is DoorDash, the U.S.-based company that added grocery services in 2020 and has also since expanded its “dark convenience store” service. Uber has also started offering non-restaurant food delivery.

In addition to the major companies, an entirely new pack of speedy delivery services has emerged and promises basic food and household items in a fraction of the time it takes a restaurant meal to get cooked and delivered.

Speedy delivery has yet to reach India in any major capacity. When it does, it will add yet-more competition to the already uber-competitive Indian delivery market.

July 20, 2021

Zenput Raises $27M to Manage Operations for Multi-Unit Restaurants

Restaurant operations tech company Zenput has raised $27 million in Series C funding. The round was led by Golub Capital with participation by existing investors, including Jackson Square Ventures, MHS Capital, and Goldcrest Capital. It brings Zenput’s total funding to date to over $47 million, according to a company press release. 

San Francisco-based Zenput calls its tech an “operations execution platform.” With it, multi-unit restaurant operators, grocery stores, and convenience stores can release new operating procedures and health and safety protocols and enforce them across all units. Businesses can update all of their locations at the same time whenever a new policy or procedure gets rolled out. Zenput can also track how well each unit is complying with standards and procedures. The system can also be used to distribute new promotional campaigns across all units. 

Leading brands in the restaurant and convenience store industries, including Chipotle, Five Guys, P.F. Chang’s, and 7-Eleven, are current customers of Zenput.

Zenput says it has “approximately” 100 percent revenue growth over the last year and saw daily activities on the platform increase by 150 percent per store. The platform’s apparent popularity makes sense, given that restaurants have had to continually change and update policies in order to accommodate COVID-19-related restrictions and regulations. “The challenges of the past year really underscored for our customers the criticality of being able to manage the complexities and overall execution of work in one central place, especially when an operator might have dozens, hundreds or thousands of locations,” Vladik Rikhter, Zenput’s CEO and cofounder, said in a statement.  

He added that the new funds will largely go towards building new products that can address additional areas of operations. 

Zenput currently serves over 500 customers across 50,000 locations in 40 different countries. The funding will also go towards expanding this customer base. 

July 20, 2021

Choco Raises $100M to Digitize Restaurant Food Procurement

Restaurant tech company Choco announced today it has raised $100 million in in Series B funding led by growth equity firm Left Lane Capital. Insight Partners along with existing investors Coatue Management and Bessemer Venture Partners also participated in the round, according to a press release sent to The Spoon. Choco has raised $171.5 million to date.

The company’s mobile app effectively digitizes the relationship between restaurants and their suppliers, allowing the two groups to chat with one another through the app. Restaurants can place orders directly through the Choco app as well as view and edit all order sheets. Choco also released a new feature at the beginning of 2021 specifically designed for multi-unit restaurants to give them a more comprehensive overview of not just what they’re ordering but where it comes from and who is in charge of that relationship. At the time, Choco’s Global Industry Advisor, Chelsea van Hooven, said multi-unit restaurants make up about 40 percent of Choco’s current user base.

The company’s original pitch was around fighting food waste in the restaurant industry. While that remains a part of Choco’s overall benefits for restaurants, wasted time and money are also now part of the overall package of benefits the company is pitching. Replacing siloed paper-and-pen processes with digital ones, where all data is viewable from a single place, has the potential to cut hidden costs in the back of house and in doing so improve restaurant margins. 

Digital was largely seen as a “nice-to-have” feature before the COVID-19 pandemic emerged. Now, many claim that digitizing operations is a “must have,” and that those who don’t will wind up getting left behind.

While that may be true for large chains (think McDonald’s or Chipotle), it remains to be seen how much this full digitization of the back of house can actually help smaller independent restaurants. In other words, we have yet to see whether the cost to implement and run technology is worth the returns it brings to these smaller restaurants.

Choco says demand for its platform is up and partly driven by the pandemic pushing more restaurants to go digital. The company currently has over 10,000 active restaurants and suppliers on its platform. It will use the new funding to expand within its six current markets: the United States, Germany, France, Spain, Austria, and Belgium. The company will also expand into several new markets, and has plans to double its head count by end of the year.

July 19, 2021

Rise Gardens Raises $9M in Series A Funding

Rise Gardens has raised $9 million in an oversubscribed Series A Round, according to a press release sent to The Spoon. The round was led by TELUS Ventures with participation from existing investors True Ventures and Amazon Alexa Fund and new investor Listen Ventures. It brings Rise’s total funding to date to $13 million. 

New funds will go towards product development and expansion, according to the company. As of right now, Rise Gardens makes an IoT-connected hydroponic grow system for the consumer home. The company provides the farming system, seed pods, nutrients for the water, and accompanying mobile app that users can rely on to monitor and manage plant growth. The garden comes in three sizes, plus a tabletop version that was released at the end of last year. 

As of right now, there are no voice control features on the gardens. But Rise CEO Hank Adams hinted last year at an eventual collaboration with Amazon that would bring Alexa functionality to the system. The Amazon Alexa Fund’s involvement in today’s funding round suggests that ambition is still very much in the plans. Rise will also in the near future sell its gardens via Amazon, marking the first time the product will be available via something other than the company’s direct-to-consumer channel.

Rise is one of a number of companies trying to bring the concept of high-tech gardening into consumers’ homes. Other notables right now include Gardyn, which makes a compact indoor-only unit, Lettuce Grow’s Farmstand, which can work both indoors and outdoors, and Hong Kong-based Aspara’s countertop unit.

All of these systems use hydroponics to grow leafy greens and herbs. They also all, at this point, come with a hefty price tag: Rise’s Single-Family Garden starts at $549 USD, for example, while a Lettuce Grow unit that holds 24 plants and includes LED lights costs $849.

Adams said today that part of its new funds will go towards reaching “an even wider audience in the U.S., Canada and around the world.”  

July 18, 2021

Virtually Staffing the Physical Drive-Thru

Generally speaking, restaurants with drive-thrus have often fared better than most over the last year and a half of shutdowns, dining room restrictions, and overall uncertainty. But even as demand for this format rises and major QSRs say they’ll focus more on it in future store designs, wait times at the drive-thru have gotten longer, the accuracy of orders more dubious.

Lots of companies are throwing tech at the problem to try and solve it. One of the more interesting we’ve come across recently is from Bite Ninja, which supplies restaurants with “virtual” cashiers and drive-thru operators that can take orders remotely. This has the potential to speed up the order-taking process and simultaneously addresses the labor issues currently impacting the restaurant industry.

Bite Ninja essentially lets restaurants outsource their staffing needs for the drive-thru lane to gig workers that take orders from their own homes, or wherever they happen to be. Workers — also known as “ninjas” — sign up for a shift via the Bite Ninja platform, which manages the scheduling and logistics of getting the worker set up with their shift at the restaurant. It also trains workers on both the technology (it’s Bite Ninja’s own proprietary system) and how to take a restaurant order, both generally and for specific brands. 

Customers pulling into the drive-thru lane will see the cashier’s face appear on the ordering screen. The cashier will then walk the customer through the ordering process. From a customer experience perspective, the drive-thru process isn’t significantly altered. You just happen to be talking to a person that’s not actually at the restaurant (and through a system with reportedly better audio quality).

Bite Ninja’s cofounders are no strangers to the QSR world. The idea for the platform started at one of cofounder Will Clem’s own restaurants, Baby Jack’s in Tennessee. Clem, who is also one of the original cofounders of cultivated meat company Memphis Meats (which as since rebranded as Upside), decided to use his laptop and a videoconferencing tool one evening to take orders at his drive-thru remotely. After realizing how well the concept worked, he and cofounder Orin Wilson decided to try offering the Bite Ninja platform to the wider industry. 

Clem and Wilson say their platform can increase order accuracy and upsell rates for restaurants. For workers, it’s a way of making extra money without having to clock in at the actual restaurant. And it goes without saying that having your drive-thru cashiers work remotely is more social-distancing-friendly than on-premises work.

While the technology is currently only up and running at Baby Jack’s, Clem and Wilson told The Spoon they have been contacted by “most of the major fast food restaurants in America” and are currently onboarding a few of them. (Actual names of brands will be disclosed once a trial period is completed.) And drive-thru isn’t the only place we may soon be able to find Bite Ninja. The company says its platform is also currently available as a front-of-house kiosk, and that curbside, phone, and online ordering capabilities are in the works.

In the meantime, if you’re interested in learning more about Bite Ninja’s place in the restaurant industry, join The Spoon and guests on August 17 for a virtual Restaurant Tech Summit. Bite Ninja will join the likes of Wow Bao, Fat Brands. Sevenrooms, Kitchen United, and many more companies and individuals from the restaurant industry. Grab a ticket here, and come ready to ask some questions. 

More Headlines

86 Repairs Nabs $7.3M in Funding for Restaurant Maintenance Tech – The Chicago, Illinois-based company says the new funds will help the company build out more products for its maintenance and repairs management platform for restaurants.

Gorillas is Hiring Up to Expand its 10-Minute Grocery to San Francisco, LA and Chicago – The speedy-delivery service is prepping to make a move out west and hiring for a number of different positions across the state of California.

FreshRealm Raises $32M for Fresh, Prepared Meals – This most recent round of funding will be used to expand FreshRealm’s production facilities, with the goal of opening additional facilities throughout the country for increased distribution. 

July 15, 2021

Afresh CEO Matt Schwartz Explains How AI Can Help Grocery Retailers Place “the Perfect” Order

For grocery stores, measuring demand and managing orders for fresh foods can be a maddeningly difficult task that more often than not ends in lots of unused food getting thrown out. After all, bananas have a much shorter shelf life than, say, a bag of rice, and a lot of existing supply-chain technologies and processes were designed with the latter in mind.

“Existing tools don’t work for fresh food,” says Matt Schwartz CEO and cofounder of a San Francisco, California-based tech company called Afresh.

Afresh often gets labeled a “food waste” company and listed among other efforts to curb the problem of food waste at consumer-facing outlets like grocery stores. While Afresh’s store-level ordering platform can certainly help grocery retailers cut down on food waste, that’s not necessarily the main driving force behind the company. 

Over a call recently, Schwartz told The Spoon he thinks of Afresh as more of a “fresh food company” than food waste company. The system uses AI to analyze store-level data around customer demand, shipments of fresh food, sales of it, pricing and other factors. Gathering all that disparate data together, the system then makes ordering recommendations for grocers to help them create what Schwartz calls “the perfect order.” That is, “an amount that keeps you in stock for the shopper but also doesn’t cause you to drive waste from having it sit there.”

By way of example, he says it’s the difference between 14 cases of blueberries and 18: “Those four cases make all the difference when it comes to billions of pounds of waste.” 

Getting that perfect number can be complicated. Continuing with the blueberry example, Schwartz says there are a few major things grocery retailers have to consider, the first of them being customer demand. In other words, How many blueberries will shoppers want over the next few days? Retailers also have to consider existing store inventory, which can be tricky to calculate for something like berries. 

Reconciling these two things — how much a retailer has versus how much they think they will sell, also requires other types of data. That includes how many cases the shelf can hold, the shelf life of the blueberries, and the frequency of shipments, to name a few. The Afresh system connects to grocery retailers’ existing systems, then compiles the above data into a single place that a retailer making an order can view from an iPad.  

“In the long term our systems will drive decisions around inventory, forecasting, etc.,” said Schwartz.  

In a recent post for The Spoon, food tech investors Seana Day and Brita Rosenheim noted that “increased workflow and data automation solutions in the food supply chain holds significant power to help the food supply chain leapfrog into digitalization.” That includes grocery retailers, and Afresh is among several companies trying to enable this leapfrog movement. Seattle, Washington-based ShelfEngine offers a similar fresh food inventory management platform, as does a company called Crisp. Rising consumer demand for both fresh food and a more reliable supply chain (hello, panic shopping) mean we can expect a lot more software in this area in the near future.

For its part, Afresh is currently live in hundreds of stores, says Schwartz. He declined to name specific stores or chains, but said his company’s biggest partner does about $10 billion in sales every year. 

The company has raised a total of $32.8 million to date, with its most recent round being a Series A fundraise towards the end of 2020.

July 14, 2021

NASA Is Growing Chile Peppers In Space

Astronauts onboard the International Space Station are aiming to grow the first-ever peppers in space via the Plant Habitat-04 (PH-04) experiment. PH-04 will grow “Espanola Improved” New Mexico Hatch Green Chiles. These are a medium-heat chile peppers NASA says have been suitable for use in controlled growing environments.

The pepper seeds were planted in April of this year and sent to the International Space Station on SpaceX’s 22nd Commercial Refueling Services (CRS-22) mission. Astronauts will grow the plants for four months in the Space Station’s “advanced plant habitat” (APH), which contains more than 180 sensors and can regulate temperature, moisture levels, carbon dioxide concentration in the atmosphere. NASA says the growth habitat is “mostly autonomous” and that it sends data from the sensors to scientists on the ground at Kennedy Space Center.

The PH-04 experiment is meant to help NASA in enabling long-duration deep-space exploration, for which adequate food supply is needed. Peppers are a good source of nutrients and could be used supplement astronauts’ packaged food, according to NASA. PH-04 will also monitor whether elements like texture and flavor change when the peppers are grown in space. NASA notes that the whole experiment may also be able to inform the processes for growing peppers via traditional outdoor agriculture as well as through indoor farming.

Another goal of the project is to create an indoor grow system that needs little input from the astronauts themselves, since they would not have the time to devote to growing plants that those of us on Earth would.

There’s a growing interest from multiple different countries to develop new novel concepts for feeding people in space. The PH-04 joins a growing list initiatives, including 3D-printed pizzas, tomatoes, and cell-based steaks, that have been researched or tested. 

July 13, 2021

Air Protein, GOOD Meat, IntegriCulture Among the Semifinalists for XPRIZE’s Alt-Protein Competition

Nonprofit XPRIZE has announced 28 semifinalists teams that will move forward in the Feed the Next Billion competition. The multi-year competition will support companies developing compelling chicken and fish alternatives that replicate or outperform the real thing in terms of nutrition, environmental sustainability, animal welfare, and taste and texture. 

The competition, first announced at the end of 2020, is being conducted in partnership with ASPIRE, the project management arm of Abu Dhabi’s Advanced Technology Research Council (ATRC). Grand-prize winners will not be chosen until 2024. when multiple winners will collectively receive $15 million.

For now, the 28 finalists chosen to continue the competition will have the next year to work with the competition, ASPIRE, and The Tony Robbins Foundation to develop the first iterations of their products. Up to 10 finalist teams will be chosen towards the end of 2022 and will split a “milestone award” of $2.5 million. 

Those 10 finalists will have one last round of competition where they will need to create “at least twenty-five cuts of structured chicken breast or fish fillet analogs of 115 gram or four ounce that replicate the sensory properties, versatility, and nutritional profile of conventional chicken or fish.” One grand prize winner will receive $7 million, with second- and third-place winners getting $2 million and $1 million, respectively.

The 28 finalists chosen this week represent all three pillars of alternative protein: plant-based, cultivated, and fermentation. Some of these companies are better known than others. Eat Just’s GOOD Meat, for example, is the only company in the world that has regulatory approval to sell cultivated meat (in Singapore). MeatOurFuture, on the other hand, is a public-private partnership that is known primarily in South Africa at this point. Others, including plant-based seafood company Brew51 from India, Japan’s IntegriCulture, and Air Protein, are all at various stages of development in terms of their products.

You can read the full list of companies, which span 14 different countries, here.

XPRIZE’s Feed the Next Billion competition was developed in response to the organization’s Future of Food Impact Roadmap, where the organization pinpointed 12 “breakthrough opportunities” that could help build a better food system. Alt-protein is a major area.

No one company developing alternative proteins has yet proven their technology and/or ingredients can feed the next billion. There remain many, many questions around the nutrition of products, the cost of making them, and, for some, whether or not they can ever really be produced at that scale. XPRIZE’s competition will no doubt go some ways towards answering those questions over the next few years.  

July 13, 2021

Netled and Oh My Greens Sign €15M Contract to Bring More Vertical Farming to Sweden

Finland’s Netled has signed a three-year investment agreement with herb grower Oh My Greens, the two companies announced today. The agreement is worth €15 million (~$17 million USD) over three years and will provide Sweden-based Oh My Greens with Netled’s turnkey vertical farm called Vera.

Netled’s Vera system comes as a few different forms, the smallest iteration being a cabinet-sized farm that lives in the produce section of a grocery store. Netled also offers a larger in-store model, a larger “compact” model (8 meters by 6 meters), and an industrial-scale version that is modular and can be added to as product demand increases. 

It’s this larger industrial version of Vera that Netled will provide to Oh My Greens, which is owned by Swedish-American investment, management consultancy, and social impact firm Applied Value Group. Oh My Greens sells its potted herbs in Sweden and hopes to gain more share of the market in Sweden through the Netled partnership. Speaking in today’s press release, CEO Moses Isik said his company considered 17 different vertical farming technology providers before deciding on Netled and its Vera system.

The indoor farming system includes LED lighting, a dynamic spacing system, HVAC, a nutrition system, automation software, and production management and horticulture intelligence software. The idea is to provide clients with a plug-and-play vertical farming system that grows more plants faster and saves companies on CAPEX and OPEX costs. 

The deal with Oh My Greens means Netled can build up more of a presence in Sweden, where companies like Urban Oasis and Grönska already operate vertical farms.

Moving forward, Netled will provide technical and consultancy services for its technology while Oh My Greens works on producing and supplying produce to Stockholm retailers. For now, that’ll largely be the usual vertical farming fare of leafy greens and herbs.

July 13, 2021

Report: Nestlé Is Getting Into Cultivated Meat Through Deal With Israel’s Future Meat

CPG giant Nestlé intends to enter the cultured meat market via a partnership with Israel-based alt-protein company Future Meat, according to a report from Bloomberg. 

Unnamed sources familiar with the matter said Nestlé is working on various products that mix its own plant-based proteins with cultivated meat from Future Meat. 

More granular details on the deal, such as specific products are not available at this time. Future Meat recently opened what it says is the world’s first production facility for cultured meat. The plant, located in Future Meat’s hometown of Rehovot, Israel, can produce 500 kilograms of cultured meat per day, or the equivalent to about 5,000 hamburgers, according to the company. The new facility is currently processing cultured chicken, pork, and lamb. Beef production is also in the works.

Future Meat’s end products will be a combination of cultivated and plant-based protein, which is exactly what Nestlé is aiming for in its deal with the company. Future Meat told the Spoon recently that its products are currently 45 to 75 percent cultured meat, with an edible scaffold made of plant protein.

Earlier this year, Future Meat told The Spoon it has been able to decrease the cost of cultured meat production by 1,000x over the last three years. At last check, the company had brought the cost of its cultured chicken breast down to $7.50 USD per quarter-pound serving. It followed that up with news that the production price could drop to $2 within the next 12 to 18 months.

Actual product launches for both Future Meat and Nestlé are contingent on the companies getting regulatory approvals. Currently, Future Meat is working to get regulatory approval here in the U.S., with the goal of selling its products in foodservice venues next year. A partnership with a major CPG like Nestlé may boost the company’s ambitions in this area.

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