Aleph Farms secures $105 million investment to market lab-grown steaks
Aleph Farms, a cultured meat maker that grows steaks from modified bovine cells, said Wednesday it raised $105 million in a Series B funding round from investors.
The round was led by L Catterton’s growth fund, a French-American consumer-focused private equity firm with over $30 billion in equity, and DisruptAD, the firm’s venture arm. holding company of Abu Dhabi ADQ.
The round also saw participation from Skyviews Life Science as well as a consortium of global food and meat companies including Thai Union, BRF and CJ CheilJedang. Existing investors VisVires New Protein, Strauss Group, Cargill, Peregrine Ventures and CPT Capital also participated in the latest round, bringing the funds raised by the startup to date to more than $118 million, the company said in a statement.
Aleph will use the funds to advance global commercialization of its cultured beef steaks and expand its product portfolio ahead of its planned market launch in 2022, the company said.
To produce its meat, Aleph exploits the ability of animals to constantly build muscle tissue and isolates the cells responsible. It then replicates the optimal conditions for these cells to grow in the tissues, essentially growing meat outside of the animal.
The tissue is grown in tanks that act as fermenters, similar to those in a brewery. There, the cells are nurtured and shaped into a 3D structure that makes meat.
DisruptAD’s investment in Aleph Farms aims to strengthen Abu Dhabi’s long-term focus on food resilience, the statement said. As strategic partners, DisruptAD and Aleph Farms will consider setting up a manufacturing facility in Abu Dhabi to supply its cultured meat products across the UAE and the wider GCC region, according to the statement.
DisruptAD invests in startups and venture capital funds and sets up new incubators and accelerators to help Abu Dhabi become a destination for startups and accelerate the development of its own innovation ecosystem. DisruptAD invests in the United Arab Emirates as well as other global markets including the Middle East and North Africa, India, China, Southeast Asia and the United States. The VC fund aims to back and support more than 1,000 startups by 2025, according to the release.
“This additional capital of leading partners with unparalleled experience and expertise brings us significantly closer to our vision of providing secure, unconditional access to high-quality nutrition to anyone, anytime, anywhere,” said Didier Toubia, co-founder and CEO. from the farms of Aleph.
Mansour AlMulla, Chief Investment Officer of DisruptAD, said Aleph Farms is the company’s first Israel-based partner, and added that the partnership “supports our long-term desire to accelerate the path of technology pioneers.” and change leaders who are building the technologies of tomorrow. ”
Aleph Farms was founded in 2017 by Toubia, The Kitchen Hub of the Strauss Group, and Prof. Shulamit Levenberg from the Faculty of Biomedical Engineering at the Technion – Israel Institute of Technology.