Upside Foods valued at over $1 bln after Temasek, Abu Dhabi Growth Fund-led funding | Reuters
Upside Foods has raised $400 million in a funding round led by Temasek and Abu Dhabi Growth Fund, valuing the cultivated meat company at over $1 billion, the company said on Thursday.
SoftBank (9984.T) Vision Fund 2 and Synthesis Capital are among the investors who took part in the latest round, bringing the company's total capital raised to $608 million.
While brands like Beyond Meat Inc (BYND.O) and Impossible Foods have cashed in on a boom in plant-based sources of protein, Upside produces lab-grown meat from animal cells eliminating the need to slaughter animals.
Upside has also drawn investor interest from companies including Tyson Foods (TSN.N) and Whole Foods, as the food industry sees the need for innovative and alternative meats to appease a strong shift in consumer choices.
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