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Upside Foods

Upside Foods

Upside Foods is a San Francisco-based company making cultured meat products. The company was founded by Uma Valeti, Nicholas Genovese, and Will Clem.

Upside foods (formerly known as Memphis Meats) is a food technology company producing clean meat, or cell-cultured meat. The company produces meat without raising and slaughtering animals. They use cells acquired from animals and culture them to produce beef, chicken, and duck meat. In February 2016, the company introduced the cultured meatball, and cultured poultry in March 2017.

Upside Foods has stated it aims to reduce the environmental impact of meat production and improve animal welfare. The meat production cost has the potential to be lower compared to the traditional process of feeding, breeding, raising, and slaughtering animals. Cultured meat has the potential to require less land, water, and energy. The laboratory-grown meats also have potential to reduce issues such as infections and viruses with the livestock that can be encountered with traditional meat production.

Uma Valeti, Nicholas Genovese, and Will Clem founded Upside Foods in 2015 in San Francisco, California. The company's investors include SOSV, Cargill, Atomico, New Crop Capital, Fifty Years, KBW Ventures, DFJ Venture Capital, and Inevitable Ventures, as well as investors Suzy and Jack Welch, Kyle Vogt, Bill Gates, Richard Branson and Kimbal Musk. In January 2020, the company raised $161M in a Series B funding round.

Upside Foods' products are not currently available to consumers. The company hopes to introduce cultured meat to store shelves by the end of 2021, according to their website.

Patents

Description
Status
Link
Date

Method for scalable skeletal muscle lineage specification and cultivation

Pending

10/30/2013

Methods for extending the replicative capacity of somatic cells during an ex vivo cultivation process

Pending

1/14/2016

Timeline

January 22, 2020
Upside Foods raises a $161,000,000 series B round from Bill Gates, CPT Capital, Cargill, Fifty Years, Finistere Ventures, Future Ventures, Kimbal Musk, Norwest Venture Partners, Richard Branson, SoftBank Group, Temasek Holdings, Threshold Ventures and Tyson Foods.
January 28, 2018
Series A II Round Funding

Total Raised: $22,000,000

Lead Investors: Tyson Ventures, DFJ Venture Capital

Investors: Atomico, Bill Gates, Richard Branson, Cargill, New Crop Capital, SOSV, Fifty Years, KBW Ventures, Inevitable Ventures, Suzy and Jack Welch, Kyle Vogt, Kimbal Musk, SOSV, Crowdfunding via Indiegogo

Post-Money Valuation: $60,000,000

August 23, 2017
Upside Foods raises a $17,000,000 series A round from Atomico, Bill Gates, Cargill, DFJ, Fifty Years, Inevitable Ventures, KBW Ventures, Kimbal Musk, Kyle Vogt, New Crop Capital, Richard Branson, SOSV and Suzy Welch.
November 23, 2016
Upside Foods raises a $53,000 crowdfunding.
March 10, 2016
Upside Foods raises a $2,800,000 seed round from Fifty Years, IndieBio, New Crop Capital, SOSV and Westcott LLC.
September 25, 2015
Upside Foods raises a $250,000 seed round from IndieBio and SOSV.

Funding rounds

People

Name
Role
LinkedIn

Bill Gates

Investor

Jack Welch

Kimbal Musk

Kyle Vogt

Nicholas Genovese

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Further reading

Title
Author
Link
Type
Date

Cell-Based Meat Patent Analysis Part 1: Memphis Meats and Just

Clean Duck and Chicken Meat to Hit Stores by 2021

Tanya Flink, LiveKindly

Memphis Meats Adds Tyson to Investor List With Cargill, Gates, Branson, Musk, more

Emma Cosgrove, AgFunderNews

Memphis Meats, NAMI Want Joint Regulation of Cell-Based Meat | AgNet West

Article

Memphis Meats' Lab-Grown Meat Raises $17M With Help From Bill Gates And Richard Branson

Christina Troitino, Forbes

Page 1 of 2

Documentaries, videos and podcasts

Title
Date
Link

The Future of Meat by Co-Founder of Memphis Meats

9 December 2016

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Jonathan Shieber
January 22, 2020
TechCrunch
Memphis Meats, a developer of technologies to manufacture meat, seafood and poultry from animal cells, has raised $161 million in financing from investors including Softbank Group, Norwest and Temasek, the investment fund backed by the government of Singapore. The investment brings the company's total financing to $180 million. Previous investors include individual and institutional investors [...]

References

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