It will build a pilot production plant
Memphis Meats raised another $161 million to bring it closer to making cell-based meats.
The concept is to start with cells from meat-producing animals, such as cattle and hogs, and multiply them into meat products.
The attraction for the public is meat that does not involve animal welfare issues and slaughter.
Memphis Meats said it will use the new round of funding to build a pilot production plant, to expand its management team and to then launch the products.
It made no mention of when products might be launched. It said it is working with regulatory agencies on a “timely and safe market entry.”
Among the investors are SoftBank Group, Norwest, Temasek, Richard Branson, Bill Gates, Cargill, Tyson Foods and CPT Capital.
The total raised so far by the California-based company is $180 million US.