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Highlights
- UPSIDE Foods raised US$ 400 million in a Series C funding round.
- UPSIDE Foods was started as Memphis Meats, and since its rebranding in May last year, the company said its first product would be chicken.
- If the company gets approval from the regulatory authorities, UPSIDE Foods could launch the products for customers later this year.
The California-based food technology company UPSIDE Foods recently raised a significant amount in a funding round, and since then, it is reportedly gaining the attention of potential investors.
UPSIDE Foods raised US$ 400 million in a Series C funding round, and the company said it was the largest ever funding round in the cultivated meat industry and achieved a valuation of more than US$ 1 billion.
The food technology company is involved in producing cultured meat. The money raised will be used to build a commercial-scale manufacturing facility with millions of pounds of cultured meat.
UPSIDE Foods IPO on the cards?
Although interested investors could be looking for the UPSIDE Foods IPO plans, the company has not announced its public debut plans. As the IPO market has remained weak this year, it is uncertain if the company would consider going public in the US equities markets.
According to reports, UPSIDE Foods has raised US$ 600 million in total since its inception, and it is seeking approval from the US Department of Agriculture and the Food and Drug Administration for its products.
If the company gets approval from the regulatory authorities, UPSIDE Foods could launch the products for customers later this year.
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The food technology's current manufacturing facility is reportedly designed to produce any species of seafood, meat, and poultry. Initially, it is expected to make more than 50,000 pounds of finished product and can go up to 400,000 pounds per year.
UPSIDE Foods was started as Memphis Meats, and since its rebranding in May last year, the company said its first product would be chicken, and it would be produced in partnership with celebrity chef Dominique Crenn.
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Bottom line
The market for technology-based food products is expected to grow in future, and if this happens, companies in this sector would most likely capitalize on the opportunity.
Retail investors interested in the UPSIDE Foods IPO plans will have to wait until the official announcement from the company. And if the IPO happens, they could get an option of getting hold of the pre-IPO stock.
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Please note, the above content constitutes a very preliminary observation or view based on market trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
