Aleph Farms Completes $105 Million Series B Funding Round
PR90516
REHOVOT, Israel, July 9, 2021 /PRNewswire=KYODO JBN/--
Leader in sustainable, cultivated meat will use funds to scale-up manufacturing
and grow operations internationally ahead of initial market launch in 2022
Aleph Farms [http://www.aleph-farms.com/ ], the cultivated meat company growing
steaks directly from non-genetically modified animal cells, has announced the
completion of a $105 million Series B funding round. The funding round was led
by the Growth Fund of L Catterton, the largest global consumer-focused private
equity firm, and DisruptAD, one of the largest venture platforms in the Middle
East. It also saw participation from Skyviews Life Science, as well as a
consortium of leading global food and meat companies including Thai Union, BRF,
and CJ CheilJedang. Additionally, existing investors, including VisVires New
Protein, Strauss Group, Cargill, Peregrine Ventures, and CPT Capital,
participated in the Series B funding round. To date, the Company has raised
more than $118 million.
The Company will use the funds to execute its plans for large scale global
commercialization of cultivated beef steaks and portfolio expansion. 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. The Company is currently working
with regulatory agencies on its plans for market entry.
DisruptAD's investment in Aleph Farms will also help bolster Abu Dhabi's
long-term focus on food resilience. As a strategic partner to DisruptAD, Aleph
Farms will evaluate the establishment of a manufacturing facility in Abu Dhabi
to supply its cultivated meat products across the UAE and the broader GCC
region.
"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. "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."
Michael Farello, a Managing Partner at L Catterton's Growth Fund, said, "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."
Mansour AlMulla welcomed Aleph Farms on behalf of DisruptAD as its first
Israel-based partner, and said: "Our partnership with Aleph Farms underpins our
long-term desire to accelerate the path for technology pioneers and change
leaders that are building technologies of tomorrow."
Mayank Singhal, speaking on behalf of DisruptAD, added "Our belief is that the
future of food will be built around evolved consumer choices and a redressal of
climate concerns, with Aleph playing a central role in shaping this agenda
across global markets. We are delighted to partner with them."
About Aleph Farms
Aleph Farms grows beef steaks, from non-genetically engineered cells isolated
from a living cow, without harming animals and with a significantly reduced
impact to the environment. The company was co-founded in 2017 by Didier Toubia,
The Kitchen Hub of the Strauss Group, and Professor Shulamit Levenberg from the
Biomedical Engineering Faculty at the Technion - Israel Institute of
Technology. The company's Series A funding round was led by VisVires New
Protein, with participation from Peregrine Ventures and Strauss Group, as well
as other leading global food and meat companies including Cargill and
M-Industry. For more information, please visit www.aleph-farms.com.
About L Catterton
With approximately $30 billion of equity capital across its fund strategies and
17 offices around the world, L Catterton is the largest global consumer-focused
private equity firm. L Catterton's team of nearly 200 investment and operating
professionals partners with management teams around the world to implement
strategic plans to foster growth, leveraging deep category insight, operational
excellence, and a broad partnership network. Since 1989, the firm has made over
250 investments in leading consumer brands. For more information about L
Catterton, please visit www.lcatterton.com.
About DisruptAD
DisruptAD is ADQ's venture capital platform. Its activities include investments
in start-ups and venture capital funds, as well as the creation of new
incubators and accelerators to support Abu Dhabi's evolution as a global
start-up destination and accelerate the development of its innovation
ecosystem. DisruptAD invests across the UAE as well as other global markets
including the Middle East and North Africa region, India, China, South East
Asia and the United States. The platform aims to support and nurture over 1,000
start-ups by 2025.
Press Contacts:
NutriPR on behalf of Aleph Farms
Liat Simha
liat@nutripr.com
+972-9-974-2893
L Catterton
Andi Rose / Haley Salas
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Photo - https://mma.prnewswire.com/media/1557372/Aleph_Farms_team.jpg
SOURCE: Aleph Farms
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