New Age Meats, a Berkeley, Calif.-based cultured meat company, raised $25m in Series A funding.
The round was led by Hanwha Solutions of South Korea, with participation from SOSV’s IndieBio, TechU Ventures, ff VC and Siddhi Capital.
The company will use the funds to double the size of its workforce, build a 20,000-square-foot pilot manufacturing facility in Alameda, Calif., and perfect the taste of its first product offering — a variety of sausage products. It will also build out its commercial capabilities to deliver the product in the United States in 2022, pending approval from federal regulators.
Founded in 2018 by CEO Brian Spears, New Age Meats makes meat without animal slaughter using animal cells and plant ingredients. Its production process is designed to scale up quickly to meet demand in rapidly growing markets, such as Asia.
Prior to this Series A round, the company raised $7 million of funding, including investment from RXBAR Founder, Peter Rahal. Other investors in the round include Losa Group, Supernode Ventures, Hemisphere Ventures, Level One Fund, Climate Capital, Deep Ventures, Mons Investments, LLC, Innovating Capital, Sand Hill Angels, Marinya Capital, Break Off Capital, Thia Ventures, Kingfisher Capital LLC, and BeniVC.