Israel-based cultivated meat company Aleph Farms announced today that it has raised $105 million in Series B funding round led by the Growth Fund of consumer-focused private equity investor L Catterton and venture capital platform DisruptAD.
The funding round also saw participation from biotech, nutrition, and digital health-focused advisory company Skyviews Life Science, along with a consortium of leading global food and meat companies, and existing investors.
Didier Toubia, Co-Founder and CEO of Aleph Farms, said:
“We are thrilled to grow our relationships with existing partners, and welcome select new investors in this funding round. 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.”
Cultivated meat aims to address some of the key sustainability challenges of the production system for animal products, including the overuse of antibiotics, animal welfare, and substantial greenhouse gas, land, and water footprints. According to Aleph Farms, multiple studies have found that cultivated meat production has the potential to lower greenhouse gas emissions by 92% through the use of renewable energy, reduce land use by more than 90%, and water use by 50%, compared to conventional beef production. Cultivated meat is also produced without harming animals.
Aleph Farms’ own sustainability goals include carbon-neutral production in 2025 and eutrophication of its emissions throughout the entire supply chain by 2030.
Proceeds from the financing will be used to execute Aleph Farm’s plans for large-scale global commercialization of cultivated beef steaks and portfolio expansion, ahead of Aleph Farms’ planned market launch in 2022.
Michael Farello, 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.”
The investment also marks the first Israel-based partner for DisruptAD, the VC platform of Abu Dhabi-based ADQ. Aleph Farms said that as a strategic partner to DisruptAD, it 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.
Mayank Singhal, Head of Venture Capital and Technology at ADQ, said:
“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.”