New Age Meats Secures $25M for Cultured Meat Development

New Age Meats Secures $25 Million in Series A Funding

New Age Meats, a cultured meat company located in Berkeley, California, has announced the completion of a $25 million Series A funding round. This investment will facilitate the commencement of production for their initial product line – a selection of pork sausages – slated for next year.

Investment Details and Key Participants

The funding round was spearheaded by Hanwha Solutions, a South Korean firm. Existing investors, including SOSV’s IndieBio, TechU Ventures, ff VC, and Siddhi Capital, also participated in this significant financial boost.

Company Background and Leadership

Founded in 2018, New Age Meats focuses on producing meat directly from animal cells. Brian Spears, the company’s CEO, brings a background in chemical engineering and 12 years of experience in research laboratory and industry automation to his role.

Vision for Sustainable Meat Production

Spears articulated the company’s core objective: “We want to create a sustainable and humane process that delivers the same flavors, smell and experience in an affordable and accessible way.” He expressed confidence that, with the support of Hanwha and other investors, New Age Meats can achieve its ambition of becoming a leading innovator in the meat industry.

Expansion Plans and Facility Development

The Series A funding will be allocated to several key areas. These include doubling the company’s workforce, expanding its research and development efforts, and constructing a 20,000-square-foot pilot manufacturing facility in Alameda, California.

Previously, New Age Meats had secured $7 million in seed funding from investors such as RXBAR founder Peter Rahal.

Product Strategy and Market Focus

The company has strategically chosen to begin with sausage production due to its relatively faster path to market. However, New Age Meats intends to broaden its product portfolio to encompass other meat categories, including beef and chicken, in the future.

Regulatory Approval and Target Markets

Market entry is anticipated in 2022, contingent upon receiving approval from the U.S. Food and Drug Administration. The company also anticipates strong demand for its products in regions with high pork consumption, such as Asia.

Competitive Differentiation

Spears emphasizes that New Age Meats differentiates itself by prioritizing the sensory experience for meat-eating consumers, while simultaneously focusing on scalability and affordability.

The Growing Cultured Meat Sector

The cultured meat industry is experiencing rapid growth, with an increasing number of companies entering the field. Alongside established meat alternative companies like Impossible Foods and Beyond Meat, firms such as Animal Alternative and Eat Just’s Good Meat are also attracting substantial venture capital investment.

Hanwha Solutions’ Perspective

Hanwha Solutions communicated via email, stating that their business objectives align with those of New Age Meats and that they foresee significant growth potential within the cell-based pork market.

Future Outlook and Industry Trends

Hanwha anticipates “rapid market growth” in the food tech sector, particularly concerning cultured meat, driven by global efforts to combat climate change. Furthermore, the company believes that increasing awareness of both healthy eating and animal welfare will contribute to heightened demand.

“With its expertise in using cell technology to produce cultured meats, New Age Meats will help us expand our business horizon,” Hanwha concluded.