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UPSIDE Foods

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Startup developing meat produced directly from animal cells without the need to raise and slaughter actual animals

Berkeley, United StatesFounded 2015Food

Valuation $1–2.5B Last recorded · 2022

Headcount 100–500 Current team size

Total funding $500M–1B Disclosed equity funding

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About UPSIDE Foods

UPSIDE Foods, established in 2015 as Memphis Meats, operates at the forefront of the food technology sector with a focus on producing cultivated meat. The company was founded by cardiologist Dr. Uma Valeti, Nicholas Genovese, and Will Clem with the mission to grow real meat directly from animal cells, providing an alternative to traditional animal agriculture. Dr. Valeti, the CEO, drew inspiration from his work in cardiovascular medicine, where he used stem cells to repair heart muscle, envisioning a similar application for creating food. This background provided a unique perspective on cell biology that became foundational to the company's approach.

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The company's core business involves a proprietary process to cultivate meat in bioreactors, which is similar in concept to brewing beer. By harvesting cells from live animals and nourishing them with a special blend of nutrients, UPSIDE Foods can grow various types of meat, including chicken, beef, and duck, without the need to raise and slaughter animals. In 2021, the company rebranded from Memphis Meats to UPSIDE Foods and announced chicken as its first planned consumer product. A significant milestone was achieved in November 2021 with the opening of its Engineering, Production, and Innovation Center (EPIC) in Emeryville, California, a facility designed to produce tens of thousands of pounds of cultivated meat annually.

UPSIDE Foods has navigated a complex regulatory landscape to bring its products to market. In November 2022, it became the first company to receive a "No Questions" letter from the U.S. Food and Drug Administration (FDA), signifying the agency's acceptance of the company's safety assessment for its cultivated chicken. This was followed by crucial approvals from the U.S. Department of Agriculture (USDA) in June 2023, including a Grant of Inspection (GOI) and label approval, which together permitted the commercial production and sale of its chicken in the United States. The first consumer sale occurred in July 2023 at the Michelin-starred restaurant Bar Crenn in San Francisco, marking a historic moment for the cultivated meat industry. The company's business model initially targets the B2B space through partnerships with high-end restaurants, with plans to expand into broader foodservice and eventually retail as production scales.

Financially, UPSIDE Foods has attracted substantial investment, securing over $600 million in funding from a diverse coalition of backers. Notable investors include Bill Gates, Richard Branson, Temasek, Cargill, and Tyson Foods. A landmark $400 million Series C funding round in April 2022 elevated the company's valuation to over $1 billion. This capital is being directed towards scaling production, reducing costs, and funding further research and development for new products like sausages and dumplings.

Source: Dealroom company data