After recent funding rounds for Hoxton Farms, CellulaREvolution and Future Meat the boom in investment in cultured meat startup continues with Californian-based New Age Meats announcing it has raised $2M in funding via convertible debt. It also says that it is ‘well on its way’ to securing a Series A round.
The funding will enable it to bring its cultured, plant-based pork products to market more quickly. Its first products are pork sausages and dumplings, which the company claims are more authentic than its rivals.
The company acknowledges that its core challenge is to scale its output to get its products to cost levels whereby they are affordable to all consumers.
“Ultimately, we will fail if our products are too expensive and low volume to be served anywhere but luxury restaurants,” says Brian Spears, the company’s 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.”