Prince Khaled bin Alwaleed bin Talal Al Saud’s KBW Ventures has joined the likes of Richard Branson and Bill Gates in investing in cell-based meat company Memphis Meats.
The firm, based in California, is developing methods to produce meat directly from animal cells without the need to breed or slaughter animals. In 2016 it released the world’s first cell-based meatball and followed that will cell-based poultry in 2017.
Its latest funding round has raised US$161m and it’s expected to use the funds to build a pilot production facility, add to its team, and launch products to market.
Uma Valeti, M.D., co-founder and CEO of Memphis Meats, said: “Memphis Meats is revolutionizing how meat is brought to every table around the world. We are providing compelling and delicious choices by producing real meat from animal cells, its natural building blocks. Cell-based meat is poised to dramatically expand humanity’s capacity to feed a growing global population while preserving our culinary traditions and protecting our planet.”