Upside Foods, a Berkeley, CA-based leader in cultivated meat, poultry, and seafood industry, raised $400M in Series C funding.
The round was led by Temasek, and Growth Fund (ADG), with participation from Baillie Gifford, Givaudan, John Doerr, SALT fund, Synthesis Capital, Bill Gates, Cargill, Cercano Management, CPT Capital, Dentsu Ventures, EDBI, Kimbal and Christiana Musk, Norwest Venture Partners, SoftBank Vision Fund 2, SOSV Indie Bio, and Tyson Foods.
The company intends to use the funds to build a commercial production facility with a planned annual capacity of tens of millions of pounds of cultivated meat products. The facility will be able to produce any species of meat in both ground and whole cut formats, with an initial focus on chicken. Additionally, the funds will help build a strong supply chain for critical cell feed components that will reduce costs and enable greater scale. Other priorities for UPSIDE Foods include enhancing consumer education, investing in research and development for the next generation of cultivated meat products, and continuing to grow its 170+ person team.
Led by CEO Dr. Uma Valeti, Upside Foods is developing a way to grow real meat, poultry and seafood directly from animal cells, without the need to raise and slaughter animals. These products are not vegetarian, plant-based or meat alternatives — they are real meat, made without the animal.
Pending regulatory review, UPSIDE Foods plans to be available to consumers in the U.S. later this year.