NEW YORK, New York –June 18, 2014. Modern Meadow, a company developing novel biomaterials, announced today that it has raised $10 Million in Series A financing.
The round was led by Horizons Ventures, the venture fund of Mr. Li Ka-shing. Based in Hong Kong, Horizons Ventures is a leading investor in some of the world’s most innovative companies and disruptive technologies including Facebook, Waze, Skype, Spotify, Siri and Hampton Creek.
Previous investors in Modern Meadow include Sequoia Capital, Artis Ventures, Iconiq Capital and Peter Thiel’s Breakout Labs, with support from Singularity University’s Labs program.
The company will use the new investment to accelerate R&D and product development as well as to open an expanded research headquarters at the Brooklyn Army Terminal in New York City.
Modern Meadow is committed to reducing the global impact of livestock production – the largest contributor to global warming – by developing fundamentally new methods for growing animal products that are better, more resource efficient, and do not harm animals. The company is focused on creating an initial product line of biomaterials, including high-performance leather with advanced properties and new design possibilities. Early prototypes of Modern Meadow’s products have been unveiled at forums such as TEDGlobal, TEDMED and Solve for X.
According to Bart Swanson of Horizons Ventures, “We are delighted to partner with Modern Meadow whose truly innovative and disruptive solutions together with its increasing cost effectiveness can help address global resources challenges.”
CEO and founder Andras Forgacs said, “With the livestock industry being the largest user of land and water and the leading driver of climate change, now is the time to pursue better alternatives. Our goal is to develop new cultured leather materials with advantages in design, performance, sustainability and animal welfare. In the longer term, we are also developing meat products that are healthier, safer and don’t require harming animals or the environment. We are thrilled to have the support of such visionary and engaged investors.”
About Modern Meadow
Based in New York City, Modern Meadow applies the latest advances in tissue engineering to develop novel biomaterials to address some of the most pressing global challenges. It develops cultured leather and meat products that require no animal slaughter and much lower inputs of land, water, energy and chemicals.
About Horizons Ventures
Based in Hong Kong, Horizons Ventures manages the technology investments of Mr. Li Ka-shing globally, including investments in companies such as Skype, Facebook, Spotify, Siri, Waze, Deepmind and Hampton Creek.