Cargill invests in 'clean meat' start-up
Cargill Inc, one of the largest agricultural companies in the world, has teamed up with the likes of Bill Gates and Richard Branson to invest in new technology from a San Francisco based start-up that would generate meat made from self-replicating animal cells.
Memphis Meats plans to create beef, chicken and duck meats directly from animal cells without having to raise and slaughter livestock or poultry.
According to a statement on its website released on Tuesday, the start-up raised $17m from investors in a fundraising round led by venture-capitalists DFJ.
"I believe that in 30 years or so we will no longer need to kill any animals and that all meat will either be clean or plant-based, taste the same and also be much healthier for everyone," said Branson, who also recently suggested that New Zealand dairy farmers replace cows with cannabis.
As demands for organic and cruelty-free foods increase, poultry and livestock processors look to alternatives to "traditional" meat.
"The world loves to eat meat, and it is core to many of our cultures and traditions," Uma Valeti, co-founder and chief executive officer of Memphis Meats, said in the statement. "The way conventional meat is produced today creates challenges for the environment, animal welfare, and human health. These are problems that everyone wants to solve."
Memphis grows its meats in tanks by feeding oxygen, sugar and other nutrients to living animal cells, using about 1% of the land and 10% of the water required for conventional agriculture.
"Our equity position with Memphis Meats gives Cargill entry into the cultured protein market and allows us to work together to further innovate and commercialize," said Sonya Roberts, president of growth ventures at Cargill Protein.
"We believe that consumers will continue to crave meat, and we aim to bring it to the table, as sustainably and cost-effectively as we can. Cultured meats and conventionally produced meats will both play a role in meeting that demand."
Cargill's investment in Memphis Meats is not the first time a "traditional" meat company has looked to invest in alternatives to its own products.
While the dairy industry has been somewhat resistant to the mainstreaming of alternatives to animal products like soy milk, Tyson Foods, the largest producer of meat in the US, have also created a venture capital concentrated on investing in companies that look to "sustainably feed" a growing global population, and in December 2016 announced it had made in stake in plant-based protein producer Beyond Meat, of which Bill Gates is also an investor.
Memphis Meats, which has yet to commercial release anything, plans to use the funds for product development and a speed up in both scaling and staffing.