New Age Meats Chews Up $25 Million Round

<div class&equals;"row">&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p><strong><span class&equals;"xn-location">BERKELEY<&sol;span><&sol;strong> &&num;8212&semi; New Age Meats announced it has raised <span class&equals;"xn-money">&dollar;25 million<&sol;span> in Series A funding that will allow the <span class&equals;"xn-location">Berkeley<&sol;span>-based cultured meat company to begin production by 2022&period;<&sol;p>&NewLine;<p>Hanwha Solutions of <span class&equals;"xn-location">South Korea<&sol;span> led the funding round&comma; with follow-on funding from previous investors SOSV&&num;8217&semi;s IndieBio&comma; TechU Ventures&comma; ff VC and Siddhi Capital&period; Hanwha ranks among the largest business conglomerates in <span class&equals;"xn-location">South Korea<&sol;span>&period;<&sol;p>&NewLine;<&sol;div>&NewLine;<&sol;div>&NewLine;<div class&equals;"row">&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p>&&num;8220&semi;Hanwha&comma; more than any other investor&comma; really got our unique approach and that is to understand why our senses light up when we eat meat — then create a sustainable and humane process that delivers this experience in an affordable and widely available way&comma;&&num;8221&semi; said CEO <span class&equals;"xn-person">Brian Spears<&sol;span>&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Hanwha&&num;8217&semi;s vast financial resources along with its interest in the nutrition business made it a natural choice as a financial ally and strategic partner&comma;&&num;8221&semi; said Spears&period; &&num;8220&semi;With the backing of Hanwha and our other investors&comma; we are well on our way to becoming the largest and most innovative meat company on Earth&period;&&num;8221&semi;<&sol;p>&NewLine;<p>NAM&comma; which was founded in 2018&comma; will use the Series A funding to double the size of its workforce&comma; build a 20&comma;000-square-foot pilot manufacturing facility in <span class&equals;"xn-location">Alameda&comma; CA<&sol;span>&comma; and perfect the taste of its  first product offering — a variety of sausage products&period;<&sol;p>&NewLine;<p>It will also build out its commercial capabilities to deliver the product in <span class&equals;"xn-location">the United States<&sol;span> in 2022&comma; pending approval from federal regulators&period; NAM&&num;8217&semi;s production process is designed to scale up quickly to meet demand in rapidly growing markets&comma; such as <span class&equals;"xn-location">Asia<&sol;span>&period;<&sol;p>&NewLine;<p>&&num;8220&semi;If the pandemic and climate change has underscored anything&comma; it is that the world needs to find  dramatically better ways to satisfy the growing demand by billions of people for protein without  harming animals or further hurting the environment&comma;&&num;8221&semi; said Spears&period;<&sol;p>&NewLine;<p>&&num;8220&semi;We believe our hybrid products&comma; which combine cultured meat with plant-based protein&comma; do just that&comma;&&num;8221&semi; Spears added&period; &&num;8220&semi;And we&&num;8217&semi;re moving as quickly as possible to scale up and satisfy the growing demand for affordable meat alternatives around the world&period;&&num;8221&semi;<&sol;p>&NewLine;<p>Prior to this Series A round&comma; New Age Meats raised <span class&equals;"xn-money">&dollar;7 million<&sol;span> of funding&comma; including investment from RXBAR Founder&comma; <span class&equals;"xn-person">Peter Rahal<&sol;span>&period; Other investors in the round include Losa Group&comma; Supernode Ventures&comma; Hemisphere Ventures&comma; Level One Fund&comma; Climate Capital&comma; Deep Ventures&comma; Mons Investments&comma; LLC&comma; Innovating Capital&comma; Sand Hill Angels&comma; Marinya Capital&comma; Break Off Capital&comma; Thia Ventures&comma; Kingfisher Capital LLC&comma; and BeniVC&period;<&sol;p>&NewLine;<&sol;div>&NewLine;<&sol;div>&NewLine;