Future Meat Technologies, an Israeli Foodtech firm that develops cultured meat products, closed $26.75 million in funding. The investment came from the company’s strategic partners and VC backers, including Tyson Foods, ADM, Müller Group and Rich's Products Corporation, alongside leading venture capital investors such as S2G Ventures, ADM Capital, Emerald Technology Ventures, Manta Ray Ventures and Bits x Bites.

$7.50 for a quarter pound of chicken

Future Meat develops a platform for the production of GMO free, cultured meat. The company is able to produce alternative and cost-effective protein solutions for a global market that’s awakening to an animal-cruelty free reality. Furthermore, the company’s platform, which is based on the work of the Hebrew University in Jerusalem’s Prof. Yaakov Nahmias, offers a cultured alternative that is not only delicious and a healthier option, but also helps advance a more sustainable, and cost-efficient future.

But all these alt-meat products seem like they’re going to be on the expensive side. In addition to the funding, the Israeli Foodtech company also announced that it has beat market expectations by reducing the cost of a cultured chicken to under $8.

"Cultured meat technology is the Apollo program of the 21st century," said Prof. Yaakov Nahmias, founder and CSO of Future Meat Technologies. He added that “it required massive efforts of biologists, chemists, engineers and food experts to reduce the cost of cultured meat by over 1,000-fold in just a few years. We are proud to be within reach of cost parity with traditional agriculture without any need to resort to genetic engineering, ensuring the supply of safe, delicious food for coming generations."

For just $7.50, for a quarter pound of chicken, Future Meat can close the cultured meat trifecta, by being sustainable, tasty, and not breaking the bank. By using cultured meat combined with plant proteins, the company states that its chicken provides the same texture and aroma of farm-raised chickens. The company's proprietary technology is based on the rapid natural proliferation of connective tissue cells growing in stainless steel fermenters that continuously remove waste products to maintain a constant physiological environment.

Future Meat was founded in 2018 by Prof. Yaakov Nahmias. The Israel-based company also reported that it expects its pilot facility to start production during H1 2021. In addition to cultured chicken, the company is also developing cultured lamb kebabs and beef burgers. Future Meat intends to use the funds to scale-up production and accelerate R&D.

"Cost-efficient production has been a critical focus area for the cultured meat industry. This development is a major step forward in Future Meat Technologies' ability to provide affordable, scalable and sustainable products that can meet the growing demand for meat," said Rom Kshuk, chief executive officer of Future Meat Technologies.