Thai Union has announced that its corporate venture capital (CVC) fund has invested in Israel-based Aleph Farms’ $105-million Series B fundraising round.
In doing so, the seafood processor joins numerous other investors in supporting the company’s growth plans.
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 reduced impact on the environment.
This method of production provides a 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 the global commercialisation 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.
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."
Corporate Venture Capital
The Thai Union 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.
Thai Union's ongoing work on sustainability issues was recognised in 2018 and 2019 by being ranked number one in the world in the Food Products Industry in the Dow Jones Sustainability Index, achieving a 100th percentile ranking for total sustainability score.
© 2021 European Supermarket Magazine. Article by Conor Farrelly. For more A-Brands news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.