Wednesday, May 12, 2021

There’s Upside to this company

Memphis Meats said it will be marketing chicken grown from cell cultures by the end of this year and is changing its name to Upside Foods.

It made the announcement after Softbank Group of Asia led a group that invested another $161 million in the company.

That brings the total raised to $180 million to develop cell-cutured meat balls, seafood and chicken.

The company chose chicken for its first commercial venture because "it is quickly becoming the meat of choice for consumers around the world, and its versatility lends itself to a diverse set of recipes and culinary applications spanning geographic regions and styles," the company said.

Among earlier investors are Richard Branson, Bill Gates, Threshold Ventures, Cargill, Tyson Foods, Finistere, Future Ventures, Kimbal Musk, Fifty Years and CPT Capital.

This time it’s Softbank Group, Norwest and Temasek, the investment fund backed by the government of Singapore.