Memphis Meats raises $161m led by SoftBank, Temasek and Norwest

Illustration/Photo: Internet Archive

Lab-grown meat producer Memphis Meats said on Wednesday it raised $161 million in a funding round led by Japan’s SoftBank Group, Singapore’s wealth fund Temasek Holdings and Norwest Venture Partners.

The company said the latest round took total funding to over $180 million and drew investment from new and existing investors such as Bill Gates, Richard Branson and meat producer Tyson Foods.

The company did not disclose the valuation at which the funding was made.

Memphis Meats makes its products from animal cells in labs, differing from companies like Beyond Meat and Impossible Foods, which develop their meat alternatives from plant-based proteins.

Berkley, California-based Memphis Meats said it would use the funds to build a pilot production facility and launch new products.

Plant-based meat and other meat alternatives are soaring in popularity, with millennials and Gen Z consumers increasingly shunning beef, poultry and pork for environmental and health reasons.

Beyond Meat shares have risen five-fold from their May IPO price and the company has benefited from partnering with Subway and McDonald’s. Rival Impossible Foods has tied up with Burger King and White Castle.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.