SuperMeat, the Israeli biotech and food-tech startup, has announced today it has raised $3M in seed funding and has formed a strategic partnership with PHW, one of Europe’s largest poultry producers, and an equity investor in the company.
The recent seed round was led by US-based venture capital fund New Crop Capital and mission-oriented VC firm Stray Dog Capital. Both firms are openly committed to investing in more sustainable food systems, and have previously backed big names in the alternative protein field such as Beyond Meat and SunFed. This new round of funding comes on the heels of a wildly successful Indiegogo campaign which raised $230,000 in pre-orders for SuperMeat’s clean meat products.
SuperMeat’s clean meat is produced by growing cells that have been painlessly extracted from a chicken. The cells are then grown in conditions that allow them to thrive, forming high-quality chicken cuts. This process puts an end to the industrial need to mass produce animals for slaughter, while eliminating exposure to animal waste and food-borne illnesses; the potential benefits for public health and animal welfare are therefore considerable. At the same time, clean meat is also highly beneficial for the environment, with drastically reduced carbon and ecological footprints compared to current meat production methods. According to research conducted by Oxford and Amsterdam Universities, switching to clean meat will allow a reduction of up to 98% in greenhouse gas emissions, 99% in land exploitation, and up to 96% in water usage.
With the recently secured funding, the Tel-Aviv-based company expects to bring its clean chicken products to market in the very near future, at a price point similar to the conventional chicken products currently available on store shelves. This comes at a critical moment for global food production, with the UN Food and Agricultural Organization and the White House having publicly proclaimed the importance of biotechnology in securing alternative protein sources for a rapidly-growing world population, whose demand for meat is projected to double by 2050.