Upside Foods Raises $400M in Series C Funding

Upside Foods, a Berkeley-based company cultivated meat, poultry and seafood leader, has raised $400M in Series C financing.

The round was led by Temasek, and Growth Fund (ADG), with participation from Baillie Gifford, Givaudan, John Doerr, SALT fund, Synthesis Capital, Bill Gates, Cargill,  Cercano Management, CPT Capital, Dentsu Ventures, EDBI, Kimbal and Christiana Musk, Norwest Venture Partners, SoftBank Vision Fund 2, SOSV Indie Bio, and Tyson Foods.

The funds will be used by the company to construct a commercial production plant with a capacity to produce tens of million of pounds annually of cultivated meat products. The facility will be capable of producing any type of meat in whole or ground format, but a primary focus will be on chicken. Funds will be used to create a supply chain for essential cell feed components. This will allow for lower costs and greater scale. UPSIDE Foods’ other priorities include consumer education, investment in research and development for next-generation cultivated meat products, as well as continuing to grow its 170+ employees.

Upside Foods’ CEO, Dr. Uma Valleti, is creating a method to produce real meat, poultry, or seafood directly from animal cells. These products are not vegetarian, plant-based or meat alternatives — they are real meat, made without the animal.

UPSIDE Foods will be making its products available to American consumers later in the year, subject to regulatory review.

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