UPSIDE Foods (formerly Memphis Meats), a business in the cultivated meat, poultry, and seafood industry, has announced the close of a $400 million Series C funding round, the largest round in the industry to date. This new raise will help unlock the industry's biggest opportunities around scale and places the company's valuation at over $1 billion. Pending regulatory review, UPSIDE Foods plans to be available to consumers in the U.S. later this year.
UPSIDE Foods will use the funds to build a commercial production facility with a planned annual capacity of tens of millions of pounds of cultivated meat products. The facility will be able to produce any species of meat in both ground and whole cut formats, with an initial focus on chicken. Additionally, the funds will help build a robust supply chain for critical cell feed components that will reduce costs and enable greater scale. Other priorities for UPSIDE Foods include enhancing consumer education, investing in research and development for the next generation of cultivated meat products, and continuing to grow its 170+ person team.