(Reuters) - Lab-grown meat producer Memphis Meats said on Wednesday it raised $161 million in a funding round led by Japan's SoftBank Group (T:9984), Singapore's wealth fund Temasek Holdings and Norwest Venture Partners.
The company said https://www.dropbox.com/sh/a8d448rg2ia38wb/AADm73yA_KTatQr7C4RmZHTEa/Press%20releases?dl=0&preview=Series+B+press+release.pdf&subfolder_nav_tracking=1 the latest round took total funding to over $180 million and drew investment from new and existing investors such as Bill Gates, Richard Branson and meat producer Tyson Foods (N:TSN).
The company did not disclose the valuation at which the funding was made.
Memphis Meats makes its products from animal cells in labs, differing from companies like Beyond Meat (O:BYND) and Impossible Foods, which develop their meat alternatives from plant-based proteins.
Berkley, California-based Memphis Meats said it would use the funds to build a pilot production facility and launch new products.
Plant-based meat and other meat alternatives are soaring in popularity, with millennials and Gen Z consumers increasingly shunning beef, poultry and pork for environmental and health reasons.
Beyond Meat shares have risen five-fold from their May IPO price and the company has benefited from partnering with Subway and McDonald's (N:MCD). Rival Impossible Foods has tied up with Burger King (TO:QSR) and White Castle.