GOOD Meat secures $170 M to scale meat without slaughter

The investment will be used to accelerate production as JW Marriott Singapore South Beach takes a historic step

Eat Just, Inc., a company that applies cutting-edge science and technology to create healthier, more sustainable foods, has announced that its GOOD Meat division has secured $170 million in new funding.

With this transaction, GOOD Meat, the world’s first-to-market meat made from animal cells instead of slaughtered livestock, becomes a subsidiary of Eat Just, which announced a $200 million fundraise in March.

The latest investment from funds managed by UBS O’Connor, a hedge fund manager within UBS Asset Management, Graphene Ventures, K3 Ventures and others, will be used to increase capacity and accelerate research and development for high-quality, real meat without slaughter. ABG, LLC; BofA Securities, Inc.; Guggenheim Securities and VERSO Capital advised on the transaction.

The funding news comes during a week of another historic milestone for the food industry. The JW Marriott Singapore South Beach’s renowned Cantonese restaurant Madame Fan will become the first restaurant in the world to replace conventional meat with cultured meat during set times. The new chef-inspired dishes include Asian-inspired chicken salad with sesame mirin vinaigrette, steamed chicken dumplings and chicken vegetable stir-fry. GOOD Meat will replace conventional chicken for delivery on Thursdays beginning May 20, 2021, and for once-a-week dine-in starting soon.

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 will 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.