Memphis Meats, an American lab-grown meat start-up, has raised $17 million in investments. Funding comes from, among others, Cargill, Bill Gates and Richard Branson. Sustainable Business writes about this.
Memphis Meats grows small amounts meat, using cells from cows, pigs and chickens. The start-up has already succeeded in making hot dogs, sausage, burgers and meatballs in this way. According to the start-up, the meat products from the lab are free of antibiotics, faeces, pathogens and other contaminants that can occur in conventional meat.
Cheaper than real meat
The start-up says it uses the funding to accelerate its progress. For example, Memphis Meats wants to scale up its cultured meat products, while cutting costs. Ultimately, the start-up wants to bring its production costs below that of real meat, so that it becomes more attractive for consumers to buy cultured meat instead of real meat.
In addition, the company plans to use the investments to double its workforce and further grow its team of chefs, scientists, creatives and businesspeople.
Sustainable proteins
“Our investment in Memphis Meats is an exciting way for Cargill to discover the potential in this growing segment of the protein market,” said Sonya McCullum Roberts, president of growth ventures at Cargill Protein, in a press release. “Memphis Meats has the potential to provide our customers and consumers with comprehensive protein choices, in line with our mission to feed the world safely, responsibly and sustainably.”
Vegetable burgers
Bill Gates also recently invested in the start-up Impossible Foods, which makes plant-based ham and cheese burgers. The investment was part of an investment round that raised a total of $75 million. Gates previously belonged to a group that invested in this start-up.
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