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Upside Foods valued at over $1 billion after Temasek, Abu Dhabi Growth Fund-led funding -Breaking


© Reuters. FILE PHOTO – Dr. Uma Valleti is the founder and CEO of Upside Foods. She speaks at the Skybridge Capital Salt New York 2021 conference, New York City (U.S.A), September 15-2021. REUTERS/Brendan McDermid

By Mehnaz Yasmin

(Reuters) – Upside Foods, a cultivated meat firm, has received $400 million from Temasek & Abu Dhabi Growth Fund in a financing round. This valuation is more than $1Billion, according to the company.

SoftBank Vision Fund 2 (Synthesis Capital) and Synthesis Kapital were among those who participated in this latest round. This brings the total amount of capital raised by the company to $608 millions.

Beyond Meat (NASDAQ) Inc and Impossible Foods are two brands that have profited from a surge in plant-based protein sources. Upside, however, produces animal-free lab-grown meat.

Upside also attracted investor interest from several companies, Tyson Foods Whole Foods (NYSE:) as the food sector sees the demand for new and more nutritious meats to meet the changing consumer tastes.

According to Dr Uma Valeti, Upside Foods’ chief executive officer, there are many people who love the taste and texture of meat. However, they cannot accept the ongoing destruction of traditional meat production.

Memphis Meats used to be known previously as Memphis Meats. This seven-year-old firm plans to use funds to construct a commercial facility for its cultivated meat products, and to also invest in R&D.

Dr Valeti stated that chicken was the best product they chose to take to market, followed by seafood and beef.

In the midst of regulatory reviews, the company stated that its product will soon be available to American customers.

The California-based company, which counts Bill Gates, Richard Branson and food giant Cargill among its investors, had in January acquired cell-based seafood company Cultured Decadence for an undisclosed sum.