Thai Union Group PCL (Thai Union) today announced that its Corporate Venture Capital (CVC) Fund has joined other industry-leading strategic and financial partners investing in Israel-based Aleph Farms’ $105-million Series B fundraising round.
Founded in 2017, Aleph Farms is one of the world’s leading cell-cultivated meat companies, growing beef steaks directly from healthy cells sampled from living cows without harming animals and with significantly reduced impact to the environment. This method of production provides a more sustainable option for meat eaters who want to enjoy a steak while knowing their meal is both sustainably and ethically produced. The cell-cultivated steaks replicate the familiar texture and taste of steak without the animal slaughter. Proceeds from this Series B round will be used to scale up global commercialization of cultivated beef steaks and to expand the Company’s product portfolio, with a view to initially launch to market in 2022.
“Thai Union has always placed innovation and sustainability at the heart of our business as we believe they are crucial to the long-term success of our Company and industry”, said Thiraphong Chansiri, President and CEO of Thai Union. “As the world’s population grows, it is more important than ever to deliver sustainably-sourced proteins that meet increased nutritional demands, and we believe that companies like Aleph Farms have a vital role to play in this. We’re very pleased to be participating in this round of funding and are looking forward to working with them to fulfill their vision and ours.”
Didier Toubia, Co-Founder and CEO of Aleph Farms said, “We are thrilled to welcome Thai Union among the investors in this funding round. Investors like Thai Union, that share our mission, will enable Aleph Farms to have a greater positive impact and fulfill our vision to lead the global food system transition toward a more sustainable, equitable, and secure world.”
Thai Union’s CVC fund has identified alternative proteins, functional nutrition and biotechnology, in addition to new technologies along the food value chain, as strategic areas for investment. The fund invests in, and partners with, early-stage, entrepreneurial companies working in these areas, seeking to support and accelerate their development to grow the industry in line with Thai Union’s commitment to Healthy Living, Healthy Oceans.