‘Revolutionary’ lab-grown meat firm nets $3m cash injection
Based in Tel Aviv, Israel’s tech and business hub, SuperMeat is building a groundbreaking kitchen gadget that lets you grow chicken breasts at home. It is also working on launching lab-grown poultry on the meat aisles of grocery stores, just as Beyond Meat has done in the US.
The biotech business has now secured US$3m in a stimulus package and formed a strategic partnership with German poultry producer PHW Group, which wants to beef up its vegan meat range.
The latest round of SuperMeat funding was led by New Crop Capital and Stray Dog Capital – both firms have pumped cash into alt-protein innovators like Beyond Meat, a key exponent of America’s clean meat revolution.
On the cash injection, SuperMeat co-founder and CEO Ido Savir said the partnership with PHW Group would enable it to bring a “revolutionary new generation” of sustainable meat to market.
“We’re proud that SuperMeat is at the forefront of the rapidly-evolving clean meat industry,” he added.
“Our team is comprised of a diverse group of top-tier scientists, food engineers and chefs, working together with the best production experts from the pharmaceutical industry to create a new generation of meat products that are sustainable, cost-efficient, animal-friendly and, of course, delicious.”
PHW Group CEO Peter Wesjohann said his business had often “left the beaten path” in order to forge new deals to grow the €2.4bn turnover company.
“This approach [with SuperMeat] not only facilitates the development of best-in-class animal welfare concepts in our core poultry business, but will also lead to the strengthening of our vegan product portfolio, confirming our leading role in the global consumer trend towards a cleaner, more protein-rich diet,” said Wesjohann
He added that the equity investment was the beginning of a “long-term strategic partnership” not just a “financial investment”.
