Aleph Farms, the cultivated meat company growing steaks directly from non-genetically modified animal cells, has announced the completion of a US$105mn Series B funding round
The funding round was led by the Growth Fund of L Catterton, 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, the company has raised more than US$118mn.
The company will use the funds to execute its plans for large scale global commercialisation 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.
Didier Toubia, co-Founder and CEO of Aleph Farms, commented, “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.”
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.”
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.”