Cell-based meat company Aleph Farms has raised $105 million in a series B funding round, led by the growth fund of L Catterton. These funds will be used to scale global commercialization of the company’s cultivated beef steaks and expand its portfolio.
"We are thrilled to grow our relationships with existing partners, and welcome select new investors in this funding round," said Didier Toubia, co-founder and CEO of Aleph Farms, in a statement. "This additional capital from top-tier partners with unparalleled experience and expertise brings us significantly closer to our vision of providing secure and unconditional access to high-quality nutrition to anyone, anytime, anywhere. We see our investors as partners for building this new category of meat and it was critical to us that they share our strong commitment to improving the sustainability of our global food systems."
Near-term milestones include scaling-up manufacturing, growing operations internationally, and expanding its product lines and technology platform ahead of Aleph Farms' initial market launch in 2022.
Michael Farello, a managing partner at L Catterton's Growth Fund, said in a statement, "With cultivated whole-muscle cut steaks, an optimized platform for cost parity at scale, and a global partnership network with the world's largest meat producers, Aleph Farms has differentiated itself as the leading cultivated meat company poised to go to market. We are excited to support their success as they prepare for global launch, and we look forward to leveraging our significant expertise in food and sustainable businesses that meet the needs of a changing consumer and a changing world."
Related: Aleph Farms Unveils Bioprinted Ribeye Steak; Aleph Farms Debuts Lab-Grown Steak.
Image: Aleph Farms