After plant-based meat burgers, now the trend is catching up to lab-grown beef. New startups are bringing in lab-grown beef to be sold to customers.
Startup Future Meat Technologies is introducing lab-grown meat soon. The Israel based company will soon create cell-cultured meat that is more affordable to customers.
Founded in 2018, Future Meat has raised $14 million to bring in lab-based meat products. This will be used for research and development.
Venture capital fund S2G Ventures from Chicago has led the $14 million funding along with Swiss-based Emerald Technology Ventures.
The Managing Director of S2G Matt Walker says that Future Meat has plans that do not involve huge capital expenditures but viable price points, which makes it different from the rest of the startups.
Production will start soon to construct a cultured meat production unit. The cultured meat will be made by using stem cells of animals into a culture medium, which allows it to grow. As cultured meat is still in its initial stage, the costs are quite high. Future Meat intends to reduce lab-grown meat costs to make it more affordable.
CEO Rom Kshuk of Future Meat says that they have brought down costs to $150 for every pound of chicken, while it is $200 for every pound of beef.
The company has further planned to launch lab-grown meat that will cost just $10 per pound by 2022, says Kshuk.
The company will first concentrate on producing beef and marketing it to restaurants first, before making them available to retailers.
There are many European and American start-ups developing the product, over the past two years. Memphis Meats has received funding from big personalities like Richard Branson and Bill Gates. It is the best option to have lab-grown meat companies to produce meat, as they will not deplete our resources and will be more sustainable to the environment, states Gates.