Total amount raised
$581 Millions
Latest funding date
06/01/2023
Location
UPSIDE Foods has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The company is pioneering the field of sustainable cultured meat, aiming to revolutionize the food industry.
Keep reading to explore the intricacies of UPSIDE Foods' fundraising journey and the investors backing this innovative company.
What Is UPSIDE Foods?
UPSIDE Foods, founded in August 2015, is a pioneering food tech company based in Berkeley, California. The company was established by Nicholas Genovese, Uma Valeti, and William Clem.
Specializing in sustainable cultured meat, UPSIDE Foods grows meat directly from animal cells, eliminating the need to raise and slaughter animals. This innovative approach significantly reduces the use of water, land, and energy compared to traditional meat production.
With a workforce of 101-250 employees, UPSIDE Foods is dedicated to creating delicious, humane, and safe meat products, aiming to revolutionize the food industry.
How Much Funding Has UPSIDE Foods Raised?
- Pre-Seed Round
- Amount Raised: $250K
- Date: September 2015
- Lead Investors: SOSV
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial research into cultured meat.
- Seed Round
- Amount Raised: $2.8M
- Date: March 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the technology and expand the team.
- Series A
- Amount Raised: $17M
- Date: August 2017
- Lead Investors: DFJ Element
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up production capabilities and advance product development.
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: January 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure strategic partnerships and enhance market positioning.
- Series B
- Amount Raised: $161M
- Date: January 2020
- Lead Investors: Norwest Venture Partners, SoftBank Vision Fund, Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand production facilities and prepare for regulatory approval.
- Series C
- Amount Raised: $400M
- Date: April 2022
- Lead Investors: Temasek Holdings, Abu Dhabi Growth Fund
- Valuation at Round: Over $1 billion
- Motivation Behind the Round: To build a commercial-scale production facility and commercialize products.
- Grant
- Amount Raised: Not publicly disclosed
- Date: June 2023
- Lead Investors: U.S. Department of Agriculture
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support research and development in sustainable food production.
Total Amount Raised: $581.05M
Current Valuation: Over $1 billion
Key Investors
- Temasek
- Details: Temasek is a global investment company headquartered in Singapore. It focuses on sustainable solutions and long-term value creation.
- Investment Focus Areas: Financial services, telecommunications, media & technology, life sciences & agribusiness, energy & resources.
- Notable Investments: Alibaba, Airbnb, Moderna.
- Abu Dhabi Growth Fund
- Details: The Abu Dhabi Growth Fund is a sovereign wealth fund that invests in high-growth sectors and companies with significant potential for expansion and innovation.
- Investment Focus Areas: Technology, healthcare, infrastructure.
- Notable Investments: Not publicly disclosed.
- Baillie Gifford
- Details: Baillie Gifford is a Scottish fund manager known for investing in innovative and high-growth companies across various sectors.
- Investment Focus Areas: Technology, healthcare, sustainable industries.
- Notable Investments: Tesla, Amazon, SpaceX.
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global venture capital and growth equity investment firm that supports companies across various stages of development.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Uber, Spotify, BlueJeans.
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is a venture capital fund managed by SoftBank, focusing on technology-driven companies with transformative potential.
- Investment Focus Areas: Technology, artificial intelligence, robotics.
- Notable Investments: WeWork, DoorDash, Uber.
What's Next for UPSIDE Foods?
UPSIDE Foods stands at the cusp of a transformative era in the food industry. With the recent $400 million Series C funding, the company is poised to expand its footprint in the cultivated meat market, focusing initially on chicken but with plans to diversify into other meats. The construction of a commercial-scale production facility capable of producing tens of millions of pounds of meat annually marks a significant milestone. This facility will not only boost production but also pave the way for consumer education and acceptance of cultivated meat products.
Future fundraising opportunities appear promising as the company scales its operations and seeks regulatory approvals. The substantial market potential, coupled with growing consumer demand for sustainable and ethical food sources, suggests that UPSIDE Foods could attract further investments. Strategic partnerships and acquisitions may also be on the horizon, enhancing the company's technological capabilities and market reach.
However, challenges remain. Regulatory hurdles, high production costs, and the need for consumer education are significant obstacles. The company must navigate these complexities while maintaining quality and safety standards. Despite these challenges, the future looks bright for UPSIDE Foods as it continues to innovate and lead in the alternative protein industry.
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