New Age Meats, a Californian, cultivated and plant-based meat startup with an initial focus on pork, has raised an additional US$2 million in a seed extension, adding to funds raised post-seed last year. In total, the company, which was founded in 2018, has raised US$7 million and will now turn its sights towards a Series A in the coming months.
The additional funds will enable New Age Meats to continue in building a team experienced in bringing products from inception to mass market. New hires over the last year include not just bioengineers with product development and scaling experience, but also a food team featuring key Impossible Foods alumni. The company reports that its first products – pork sausages and dumplings – replicate the taste, aroma, and ‘mouthfeel’ of conventional pork better than any product currently available.
According to its website, New Age Meats grows real meat, dense with flavour, from the cells of unharmed animals, before adding plants for texture, taste, and health.
“Ultimately, we will fail if our products are too expensive and low volume to be served anywhere but luxury restaurants,” said Brian Spears, CEO. “We’ve focused relentlessly on driving down the cost and scaling production of our product: hybrid cultivated and plant-based meat that doesn’t sacrifice on flavour. We want to make the world a better place by making the better decisions easy. We are well on our way to bringing that vision to market after our upcoming Series A,” he continued.
“As we continue to ramp up to market, we strategically brought on investors aligned with our short- and long-term growth. This round includes a very large, significant industry player in Asia who for now must remain confidential. Additionally, Peter Rahal’s Litani Ventures has joined. His experience with RXBAR, from founding to exit, is invaluable as we navigate to become the largest meat company in the world.”
Other investors in the round include follow-on investments from ff VC, SOSV, and Innovating Capital, as well as new investments by San Diego Tech Coast Angels, BeniVC, Oceanic Partners, Deep Ventures, and Climate Capital.