New Age Meats raises $25m in Series A funding

Cultivated meat firm New Age Meats has secured $25 million in a Series A funding round, as it looks to introduce its first cultured meat products next year.

The funding was led by South Korean conglomerate Hanwha Solutions, with participation from SOSV’s IndieBio, TechU Ventures, ff VC and Siddhi Capital.

New Age Meats will also use the capital to double its workforce and build a 20,000-square-foot pilot manufacturing facility in Alameda, California. The company plans to develop its commercial capabilities to deliver its first plant protein hybrid sausage products in the US in 2022, pending approval from federal regulators.

New Age Meats CEO Brian Spears said: “If the pandemic and climate change has underscored anything, it is that the world needs to find dramatically better ways to satisfy the growing demand by billions of people for protein without harming animals or further hurting the environment”.

Spears continued: “We believe our hybrid products, which combine cultured meat with plant-based protein, do just that. And we’re moving as quickly as possible to scale up and satisfy the growing demand for affordable meat alternatives around the world.”