Thai Union invests in cell-cultivated meat producer Aleph Farms

Friday 09 July 2021 11:22
Thai Union Group PCL (Thai Union) today announced that its Corporate Venture Capital (CVC) Fund has joined other industry-leading strategic and financial partners investing in Israel-based Aleph Farms' $105-million Series B fundraising round.
Thai Union invests in cell-cultivated meat producer Aleph Farms

Founded in 2017, Aleph Farms is one of the world's leading cell-cultivated meat companies, growing beef steaks directly from healthy cells sampled from living cows without harming animals and with significantly reduced impact to the environment. This method of production provides a more sustainable option for meat eaters who want to enjoy a steak while knowing their meal is both sustainably and ethically produced. The cell-cultivated steaks replicate the familiar texture and taste of steak without the animal slaughter. Proceeds from this Series B round will be used to scale up global commercialization of cultivated beef steaks and to expand the Company's product portfolio, with a view to initially launch to market in 2022.

"Thai Union has always placed innovation and sustainability at the heart of our business as we believe they are crucial to the long-term success of our Company and industry", said Thiraphong Chansiri, President and CEO of Thai Union. "As the world's population grows, it is more important than ever to deliver sustainably-sourced proteins that meet increased nutritional demands, and we believe that companies like Aleph Farms have a vital role to play in this. We're very pleased to be participating in this round of funding and are looking forward to working with them to fulfill their vision and ours."

Didier Toubia, Co-Founder and CEO of Aleph Farms said, "We are thrilled to welcome Thai Union among the investors in this funding round. Investors like Thai Union, that share our mission, will enable Aleph Farms to have a greater positive impact and fulfill our vision to lead the global food system transition toward a more sustainable, equitable, and secure world."

Thai Union's CVC fund has identified alternative proteins, functional nutrition and biotechnology, in addition to new technologies along the food value chain, as strategic areas for investment. The fund invests in, and partners with, early-stage, entrepreneurial companies working in these areas, seeking to support and accelerate their development to grow the industry in line with Thai Union's commitment to Healthy Living, Healthy Oceans.

About Thai Union Group
Thai Union Group PCL is the world's seafood leader bringing high quality, healthy, tasty and innovative seafood products to customers across the world for more than 40 years.

Today, Thai Union is regarded as one of the world's leading seafood producers and is one of the largest producer of shelf-stable tuna products with annual sales exceeding THB 132.4 billion (US$ 4.2 billion) and a global workforce of over 44,000 people who are dedicated to pioneering sustainable, innovative seafood products.

The company's global brand portfolio includes market-leading international brands such as Chicken of the Sea, John West, Petit Navire, Parmentier, Mareblu, King Oscar, and Ruegen Fisch and Thai-leading brands SEALECT, Fisho, Qfresh, Monori, Bellotta and Marvo.

As a company committed to innovation and globally responsible behavior, Thai Union is proud to be a member of the United Nations Global Compact, and a founding member of the International Seafood Sustainability Foundation (ISSF). In 2015, Thai Union introduced its SeaChange(R) sustainability strategy. Find out more at seachangesustainability.org. Thai Union's on-going work on sustainability issues was recognized in 2018 and 2019 by being ranked number one in the world in the Food Products Industry in the Dow Jones Sustainability Index, achieving a 100th percentile ranking for total sustainability score. Thai Union has now been named to the DJSI for seven consecutive years. Thai Union was also named to the FTSE4Good Emerging Index for the fifth straight year in 2020.

About Aleph Farms
Aleph Farms grows beef steaks, from non-genetically engineered cells isolated from a living cow, without harming animals and with a significantly reduced impact to the environment. The company was co-founded in 2017 by Didier Toubia, The Kitchen Hub of the Strauss Group, and Professor Shulamit Levenberg from the Technion - Israel Institute of Technology. The company's Series A funding round was led by VisVires New Protein, with participation from Peregrine Ventures and Strauss Group, as well leading global food and meat companies including Cargill and M-Industry. For more information, please visit www.aleph-farms.com.

Source: Thai Union Group