Eat Just, a company that creates lab-grown meat that recently received government approval to sell its products in Singapore for the first time, announced that its GOOD Meat division has secured USD$170 million in new investment, paving the way for other companies pioneering the food industry to break into the market.
What is Happening?
- The investment funds will be used to increase capacity and accelerate research and development for high-quality, lab-grown meat, or “meat without slaughter”, according to the company.
- This funding news comes amid another milestone for the food industry. The JW Marriott Singapore South Beach’s Cantonese restaurant Madame Fan will become the first restaurant in the world to replace conventional meat with cultured meat during set times.
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Josh Tetrick, co-founder and CEO of Eat Just, said, “This investment, along with the historic decision by JW Marriott Singapore South Beach, points to what’s ahead: meat without killing animals will replace conventional meat at some point in our lifetimes. The faster we make that happen, the healthier our planet will be.”
- In recent months, GOOD Meat has been focused on expanding the team, technology and manufacturing infrastructure to meet the surging demand for GOOD Meat in Singapore and to prepare for market entry in the United States. The company plans to quickly scale production in North America and Asia through multi million-dollar investments in facilities in the US and Singapore while evaluating collaboration and acquisition opportunities in the fast-growing sector.
- There is a growing demand for more ethical practices in the restaurant industry. Earlier in May, one of New York’s top restaurants, Michelin star-awarded Eleven Madison Park, announced that it would be abandoning its meat menu and becoming entirely plant-based. Meanwhile, cooking website Epicurious said that it would not post new beef recipes out of concern for the damage rearing cattle causes to the environment, while numerous major American fast food chains, such as Burger King, now offer meat alternatives.
Featured image by: Flickr