July 13, 2021

By Lynda Kiernan-Stone, Global AgInvesting Media

Israel-based cellular meat company Aleph Farms – the company that unveiled the world’s first cellular ribeye steak in February of this year –  has closed on a Series B that is almost nine times the size of its Series A raised in 2019. 

The Growth Fund of L Catterton, the largest consumer-focused private equity firm in the world, and DisruptAD, part of Abu Dhabi’s sovereign wealth fund and one of the largest venture capital investors in the Middle East, have led a $105 million round for the company, bringing total funding to-date to more than $118 million.

Joining the round were Skyviews Life Science along with a consortium of global food and meat companies, including Thai Union, BRF, and CG CheilJedang. Also participating were existing investors VisVires New Protein, Strauss Group, Cargill, Peregrine Ventures, and CPT Capital.

“We are thrilled to grow our relationships with existing partners, and welcome select new investors in this funding round,” said Didier Toubia, co-founder and CEO, Aleph Farms. “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.”

Co-founded in 2017 by Didier Toubia, The Kitchen Hub of the Strauss Group, and Professor Shulamit Levenberg from the Biomedical Engineering Faculty at the Technion – Israel Institute of Technology, Aleph Farms uses a unique 3D, non-GMO tissue engineering technology developed with Professor Levenberg based on the natural ability in cows to regenerate and build muscle tissue.

Through this natural process, the company discovered a method to isolate cells responsible for this regeneration, which it then grows outside of the animal, creating steaks without harming animals or the environment.

This partnership with Aleph Farms is the first Israel-based partnership for DisruptAD. As such, this partnership will serve to bolster Abu Dhabi’s long-term focus on food security, and Aleph Farms will explore the establishment of a manufacturing facility in Abu Dhabi to supply its cultivated meat across the UAE and the wider GCC region.

On behalf of DisurptAD, Mansour Al Mulla welcomed a new relationship with Aleph Farms saying, “Our partnership with Aleph Farms underpins our long-term desire to accelerate the path for technology pioneers and change leaders that are building technologies of tomorrow.”

DisruptAD’s Mayank Singhal 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.”

Consumers are more closely engaged with their food supply chains and retail choices than ever. In recent years, concerns associated with animal protein production have increasingly come to the fore, including antibiotic resistance, sustainability, animal welfare, food-borne illnesses, and environmental impact – all challenges that Aleph Farms is looking to address.

With the capital from this round, the company intends to execute on its plans for large-scale global commercialization of its cultivated beef steaks, and to expand its product portfolio. Near-term actions will include scaling up its manufacturing, growing its international footprint, and expanding its product lines and its technology platform prior to the company’s initial market launch in 2022.

Currently, Eat Just’s Good Meat is the only cellular meat approved for sale to the public, and only in Singapore. Toward achieving the same, Aleph Farms  is currently working with regulatory agencies to prepare for market entry – however, which market it is targeting was not disclosed. 

“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,” said Michael Farello, managing partner, L Catterton’s Growth Fund. 

“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.”

– Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Oilseed & Grain News. She can be reached at lkiernan@globalaginvesting.com.