Agricultural conglomerate Cargill Inc. has invested an undisclosed amount in Memphis Meats Inc., a "clean meat" company developing technology to grow meat from self-reproducing animal cells in labs, the Wall Street Journal reported.
Memphis Meats contends that their new kind of protein is better for the environment than the typical feedlot-slaughterhouse scheme. While some meat companies are working to reduce drugs and hormones used on livestock or investing in plant-based alternatives, Memphis Meats is betting on cell-culture technology to grow meat from living animal tissue in petri dishes and cultivator tanks.
The startup said Cargill's investment was part of a $17 million funding round that included stakes from Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report founder Bill Gates, Virgin Group founder Richard Branson and venture capital firms Draper Fisher Jurvetson and Atomico.
More of What's Trending on TheStreet:
- We Might Have Unlocked the Secret Behind Amazon's Big Deal for Whole Foods
- The Federal Reserve Will Have an Insane $10 Trillion in Assets, Top Expert Warns
- Samsung's Galaxy Note 8 to Be Unveiled Wednesday - Here's What You Need to Know
- Salesforce Unfortunately Now Has This in Common With Microsoft and Google