UPSIDE Foods’ $400 Million Series C Funding Round

Wilson Sonsini advised Temasek on the deal.

UPSIDE Foods (formerly Memphis Meats), a leading company in the cultivated meat, poultry, and seafood industry, announced the close of a $400 million Series C funding round that brings the company’s valuation to over $1 billion. The Series C round was co-led by Temasek, a global investment company headquartered in Singapore, and the Abu Dhabi Growth Fund, a new investor. Other new investors include Baillie Gifford, Givaudan, John Doerr, SALT fund, and Synthesis Capital. They are joined by existing investors Bill Gates, Cargill,  Cercano Management, CPT Capital, Dentsu Ventures, Singapore-based global investor EDBI, Kimbal and Christiana Musk, Norwest Venture Partners, SoftBank Vision Fund 2, SOSV’s Indie Bio, and Tyson Foods. 

UPSIDE Foods will use the funds to build a commercial production facility with a planned annual capacity of tens of millions of pounds of cultivated meat products. The facility will be able to produce any species of meat in both ground and whole cut formats, with an initial focus on chicken. Additionally, the funds will help build a robust supply chain for critical cell feed components that will reduce costs and enable greater scale. Other priorities for UPSIDE Foods include enhancing consumer education, investing in research and development for the next generation of cultivated meat products, and continuing to grow its team. Pending regulatory review, UPSIDE Foods plans to be available to consumers in the U.S. later this year.

The Wilson Sonsini team included: Barry Taylor (Picture), Lianna Whittleton, Rowena Chen, James Power, Karen Wong, Adrian Barker, Brandon Tavshanjian, Georgia Ravitz, Scott Cohn, Stephen Heifetz, Seth Cowell, Jonathan Zhu, Anthony Yanez, Susan Reinstra, Brooke Elberger, Todd Hahn, Matt Staples, Daniel Chen, Megan Kayo, Dantam Le and Kristin Bradley.

Involved fees earner: Adrian Barker – Wilson Sonsini Goodrich & Rosati; Kristin Bradley – Wilson Sonsini Goodrich & Rosati; Brooke Elberger – Wilson Sonsini Goodrich & Rosati; Rowena Chen – Wilson Sonsini Goodrich & Rosati; Daniel Chen – Wilson Sonsini Goodrich & Rosati; Scott Cohn – Wilson Sonsini Goodrich & Rosati; Seth Cowell – Wilson Sonsini Goodrich & Rosati; Todd Hahn – Wilson Sonsini Goodrich & Rosati; Stephen Heifetz – Wilson Sonsini Goodrich & Rosati; Megan Kayo – Wilson Sonsini Goodrich & Rosati; Dantam Le – Wilson Sonsini Goodrich & Rosati; James Power – Wilson Sonsini Goodrich & Rosati; Georgia Ravitz – Wilson Sonsini Goodrich & Rosati; Susan Reinstra – Wilson Sonsini Goodrich & Rosati; Matt Staples – Wilson Sonsini Goodrich & Rosati; Brandon Tavshanjian – Wilson Sonsini Goodrich & Rosati; Barry Taylor – Wilson Sonsini Goodrich & Rosati; Lianna Whittleton – Wilson Sonsini Goodrich & Rosati; Karen Wong – Wilson Sonsini Goodrich & Rosati; Anthony Yanez – Wilson Sonsini Goodrich & Rosati; Jonathan Zhu – Wilson Sonsini Goodrich & Rosati;

Law Firms: Wilson Sonsini Goodrich & Rosati;

Clients: UPSIDE Foods;

Martina Bellini

Author: Martina Bellini