Aleph Farms, the cultivated meat company growing steaks directly from non-genetically modified animal cells, has announced the completion of a $105 million Series B funding round.
The funding round was led by the Growth Fund of L Catterton, the largest global consumer-focused private equity firm, and DisruptAD, one of the largest venture platforms in the Middle East.
It also saw participation from Skyviews Life Science, as well as a consortium of leading global food and meat companies including Thai Union, BRF, and CJ CheilJedang. Additionally, existing investors, including VisVires New Protein, Strauss Group, Cargill, Peregrine Ventures, and CPT Capital, participated in the Series B funding round. To date, Aleph Farms has raised more than $118 million.
The company will use the funds to execute its plans for large scale global commercialization of cultivated beef steaks and portfolio expansion. Near-term milestones include scaling-up manufacturing, growing operations internationally, and expanding its product lines and technology platform ahead of Aleph Farms' initial market launch in 2022. The company is currently working with regulatory agencies on its plans for market entry.
DisruptAD's investment in Aleph Farms will also help bolster Abu Dhabi's long-term focus on food resilience. As a strategic partner to DisruptAD, Aleph Farms will evaluate the establishment of a manufacturing facility in Abu Dhabi to supply its cultivated meat products across the UAE and the broader GCC region.
"We are thrilled to grow our relationships with existing partners, and welcome select new investors in this funding round," said Didier Toubia, co-founder and CEO of Aleph Farms. "This additional capital from top-tier partners with unparalleled experience and expertise brings us significantly closer to our vision of providing secure and unconditional access to high-quality nutrition to anyone, anytime, anywhere. We see our investors as partners for building this new category of meat and it was critical to us that they share our strong commitment to improving the sustainability of our global food systems."
Michael Farello, a managing partner at L Catterton's Growth Fund, said, "With cultivated whole-muscle cut steaks, an optimized platform for cost parity at scale, and a global partnership network with the world's largest meat producers, Aleph Farms has differentiated itself as the leading cultivated meat company poised to go to market. We are excited to support their success as they prepare for global launch, and we look forward to leveraging our significant expertise in food and sustainable businesses that meet the needs of a changing consumer and a changing world."
Mansour AlMulla welcomed Aleph Farms on behalf of DisruptAD as its first Israel-based partner, and said: "Our partnership with Aleph Farms underpins our long-term desire to accelerate the path for technology pioneers and change leaders that are building technologies of tomorrow."
Mayank Singhal, speaking on behalf of DisruptAD, added "Our belief is that the future of food will be built around evolved consumer choices and a redressal of climate concerns, with Aleph playing a central role in shaping this agenda across global markets. We are delighted to partner with them."
Source: Aleph Farms