BERKELEY, CALIF. — New Age Meats raised $25 million in a Series A funding round led by Hanwha Solutions, with participation from SOSV’s IndieBio, TechU Ventures, ff VC and Siddhi Capital.
The new funding will allow the Berkeley, Calif.-based cultured meat startup to begin production by 2022. It will use the funds to double the size of its workforce, build a 20,000-square-foot pilot manufacturing facility in Alameda, Calif., and perfect the taste of its first offering, a variety of sausage products that combine cultured meat with plant-based protein.
The company plans to build out its commercial capabilities to deliver the hybrid products in the United States next year, pending approval from federal regulators, said Brian Spears, chief executive officer.
“If the pandemic and climate change has underscored anything, it is that the world needs to find dramatically better ways to satisfy the growing demand by billions of people for protein without harming animals or further hurting the environment,” he said. “We believe our hybrid products do just that. We’re moving as quickly as possible to scale up and satisfy the growing demand for affordable meat alternatives around the world.”
Prior to the $25 million Series A round, New Age Meats raised $7 million in funding, which included an investment from Peter Rahal, founder of RXBAR. Other investors in the round include Losa Group, Supernode Ventures, Hemisphere Ventures, Level One Fund, Climate Capital, Deep Ventures, Mons Investments, LLC, Innovating Capital, Sand Hill Angels, Marinya Capital, Break Off Capital, Thia Ventures, Kingfisher Capital LLC and BeniVC.