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) 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