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Aleph Farms, which makes cultivated beef cuts using animal cells, believes it has the answer to the world's beef supply-chain challenges.

Why it matters: The Israeli company could raise funds before year-end as it rides the alternative protein wave, continuing to draw investor dollars, CEO Didier Toubia says.

Toubia will not disclose the size of the prospective raise but says it will be "enough for us to move to the next stages."

Driving the news: Last month, Aleph's cultivated beef making process received an Israeli Health Ministry green light in the form of a "no questions" letter.

The company says it's one of the first cultivated beef companies to receive this kind of go-ahead, which will enable it to produce and market its product in Israel over the coming months.

Zoom out: This has broader implications for decentralizing the food industry, he says.

The beef supply chain is typically centered around the animals and their food, mostly found in the U.S., Brazil, Australia and Europe.

"Cultivated meat as a new category really helps diversify the sources of animal products and make the overall food system more resilient," Toubia says.

Zoom in: Aleph Farms focuses on the Middle East and Asia, which import much of their beef from elsewhere.

It will serve Asia through Singapore and the Middle East through Israel.

To make its products, Aleph Farms uses animal cells that are developed in a bioreactor.

Flashback: Founded in 2017, Aleph Farms has raised about $140 million to date.

The company raised a $105 million Series B round in 2021, led by the L Catterton growth fund and DisruptAD, with participation from Skviews Life Science and Thai Union BRF and CJ CheilJedang.

The company's Series A funding round was led by VisVires New Protein, with Peregrine Ventures and Strauss Group, Cargill and M-Industry participating.

It counts Leonardo DiCaprio as one of its advisory board members.

What's next: In the near-term, Aleph Farms hopes to get its cultivated beefsteaks and ribeyes on restaurant tables, with plans to penetrate retail.

Aleph Farms aims to expand beyond food, developing B2B products for the collagen space as well as for food, cosmetics and biomaterials.

"We do see ourselves as a manufacturing company that's part of the new bio economy, that will kind of elevate ourselves and consider yourselves as much wider than just cultivated meats," Toubia says.

1 big thing: Wrangling the beef supply chain

Illustration of a steak served on a Petri dish with a knife and fork

Today's Thought Bubble takes a look at cultivated meat player Aleph Farms.

✏️ Many thanks to newsletter editor Claire Rychlewski and copy editor Carlos Cunha for today's edits.

February 21, 2024

1 big thing: Wrangling the beef supply chain