Another funding round recently closed in the cultivated meat sector, as UPSIDE Foods has secured a significant investment. With the close of a $400 million Series C funding round, the company will continue to scale its growth and plans to launch in the United States later this year.
"UPSIDE has reached a historic inflection point, moving from R&D to commercialization," said Dr. Uma Valeti, Chief Executive Officer and Founder of UPSIDE. "Our team at UPSIDE continues to overcome seemingly insurmountable challenges in our mission to make our favorite food a force for good. Working in partnership with our world-class coalition of investors, we're excited to bring delicious, sustainable, and humane meat to the consumers around the world."
UPSIDE Foods will reportedly be using the funds to build a commercial production facility that will be able to produce any species of meat in both ground and whole cut formats. The funds will also help build a robust supply chain for critical cell feed components that will reduce costs and enable greater scale. According to a press release, the company plans to enhance consumer education, invest in research and development, and continue to grow its 170+ person team.
The Series C round was co-led by Temasek and the Abu Dhabi Growth Fund. Other new investors include Baillie Gifford, Givaudan, John Doerr, SALT fund, and Synthesis Capital. Existing investors include Bill Gates, Cargill, Tyson Foods, and more.
"We're excited to support this next chapter of UPSIDE Foods' growth," said Brian Sikes, Chief Operating Officer of Cargill. "Our continued support for UPSIDE's innovative work underscores Cargill's commitment to an inclusive approach to wholesome, sustainable protein that will meet customer and consumer needs now and in the future."
Cheers to UPSIDE Foods on this exciting investment!