Modern Meadow Attracts $40 Million Series B to Support its R&D Transition
Date: Thursday , June 30, 2016
Modern Meadow, a New York based biofabrication company, announces that it has successfully closed its series B funding round with $40 million. Horizon Ventures and Iconiq Capital led this round, along with ARTIS Ventures, Temasek, Breakout Ventures, Red Swan Ventures, Collaborative Fund and Tony Fadell also making significant contributions.The company will invest the raised funds to support its transition from R&D to manufacturing and commercialization of biofabricated leather for the first time.
\"Modern Meadow harnesses the combined power of design, biology and engineering to change the way we think about materials, unlocking the capabilities of nature. At Modern Meadow, we\'re re-imagining this millennia-old material to create revolutionary new features without harming animals or the environment,\" says Andras Forgacs, Co-Founder & CEO, Modern Meadow.
Modern Meadown was founded in 2011 by Karoly Jakab, Gabor Forgacs, Francoise Marga and Andras Forgacs and is currently headquartered in Brooklyn. It specializes in developing new methods to grow animal products, leather and meat products without the need to slaughter animals and also require much lower inputs of land, water, energy and chemicals.
Since its inception, Modern Meadow has raised a total of $53.5 million in five funding rounds. Earlier in May 2014, the company has raised $11 milion series A funding round from Collaborative Fund, Black Point Group, Horizons Ventures and Lee Barba.
Commenting on their latest investment, Bart Swanson, Advisor, Horizons Ventures, quotes, \"We\'ve been delighted with the progress at Modern Meadow and are excited to help them take on the global challenge of producing a new kind of leather that is economically viable, environmentally sustainable and animal-friendly\".