Emerald Ventures, a pioneer in industrial technology venture capital, announced Tuesday that it joined a $347 million series B round in food technology firm Future Meat. Its infusion into the Israeli startup solidifies Emerald’s foothold in the fast-growing market for cruelty-free, sustainable meat produced without traditional farming. It represents Emerald’s second investment into Future Meat, following a successful series A round in 2019.
Future Meat leverages a proprietary technology based on stainless steel fermenters which continuously remove waste products generated by “immortal” tissue cells. This allows the company to maintain a constant physiological environment which supports rapid and natural proliferation of animal cells. This cutting-edge process enables Future Meat’s industry-leading low costs—typically the largest hurdle in making cultivated meat competitive with traditional meat. The firm can now produce cultivated chicken breast for just $7.70 per pound, down from under $18 per pound just six months ago—a breakthrough that far surpassed the 18-month timeline projection announced in May 2021.
Its methodology is also significantly more climate-friendly than conventional animal husbandry, emitting 80% fewer greenhouse gases and reducing the amount of land and water required by 99% and 96%, respectively, while delivering the same nutritional profile.
“We are incredibly excited by the massive support of our global network of strategic and financial investors,” said Yaakov Nahmias, founder and president of Future Meat. “This financing consolidates Future Meat’s position as the leading player in the cultivated meat industry, just three years after our launch. Our singular technology has reduced production costs faster than anyone thought possible, paving the way for a massive expansion of operations.”
Emerald, who joined the funding round alongside ADM Ventures, Menora Mivtachim, S2G Ventures, Tyson Ventures, Rich Products Ventures, Manta Ray Ventures, ADM Capital (Cibus Fund) and Bits x Bites, is looking forward to the company’s further rapid growth, including a launch of a first-of-its-kind, large-scale production facility in the United States in 2022, said managing partner Gina Domanig.
“We knew right at the start that Future Meat was poised to be a major player in the market for next-generation meat,” said Domanig. “Their team has the technical savvy to fully capitalize on this latest funding infusion and it’s been an honor to be part of their ongoing growth journey.”