Cargill, Inc. has purchased a stake in the alternative meat company Memphis Meats, Inc, as reported by Meatingplace. While the exact amount of the investment was not announced, the latest round of investments brings Memphis Meats to $22 million.
The California-based startup, which includes investment from Microsoft founder Bill Gates and Virgin Group found Richard Branson, plans to use the funding to continue product development while reducing production costs and increasing employees.
“We are committed to growing our traditional protein business and investing in innovative new proteins to ultimately provide a complete basket of goods to our customers,” said Sonya McCullum Roberts, president of growth ventures for Cargill Protein, in the statement. “Our investment in Memphis Meats is an exciting way for Cargill to explore the potential in this growing segment of the protein market.”
