The company used a crowdfunding campaign in 2016 to raise more than $200,000, but this investment will provide the company a significant boost to ramp up its production.
The funding comes by way of two U.S.-based venture capital funds, New Crop Capital and Stray Dog Capital. But the company also received a sizeable investment from PHW, a German poultry producer.
“SuperMeat is consistent with our pursuit to provide Europe with sustainable, clean foods — we do not see this transaction as a financial investment, but rather as the beginning of a long-term strategic partnership,” PHW-Gruppe CEO Peter Wesjohann said in a statement about the investment. “We look forward to working together with SuperMeat and are committed to supporting the company in its research and development, as well as the strategic positioning of its products in the European market.”
SuperMeat was founded in 2015 and joins a wave of producers in the clean meat market, including Memphis Meats and Hampton Creek, all producing meat from animal cells without the need for raising animals. Clean meat removes the risks inherent to traditional meat production, eliminating food-borne illness risks, the need for antibiotics, and the ethical challenges in raising and slaughtering animals. Clean meat can also be cultured to be healthier than traditional meat, by reducing saturated fats or boosting vitamin content, for example.
SuperMeat says its clean chicken will be market ready within three years at prices comparable to conventional animal products.
“This partnership,” said SuperMeat cofounder and CEO Ido Savir, “will enable us to bring to market a revolutionary new generation of tasty, sustainable meat products throughout Europe and beyond.”