UPSIDE Foods (formerly Memphis Meats), the leading company in the cultivated meat, poultry, and seafood industry, has announced the close of a $400 million Series C funding round, the largest round in the industry to date. This new raise will help unlock the industry's biggest opportunities around scale and places the company's valuation at over $1 billion. Pending regulatory review, UPSIDE Foods plans to be available to consumers in the U.S. later this year.

The Series C round is co-led by Temasek, a global investment company headquartered in Singapore, and the Abu Dhabi Growth Fund (ADG), a new investor. Other new investors include Baillie Gifford, Givaudan, John Doerr, SALT fund, and Synthesis Capital. They are joined by existing investors Bill Gates, Cargill, Cercano Management, CPT Capital, Dentsu Ventures, Singapore-based global investor EDBI, Kimbal and Christiana Musk, Norwest Venture Partners, SoftBank Vision Fund 2, SOSV's Indie Bio, and Tyson Foods.

UPSIDE Foods (formerly known as Memphis Meats) is developing a way to grow real meat, poultry and seafood directly from animal cells, without the need to raise and slaughter animals. These products are not vegetarian, plant-based or meat alternatives -- they are real meat, made without the animal. Founded as the world's first cultivated meat company in 2015, UPSIDE Foods has achieved numerous industry-defining milestones, including being the first company to produce multiple species of meat (beef, chicken and duck). The company believes that people shouldn't have to choose between the foods they love and a thriving planet, and is working to build a better food system where everybody has access to delicious, humane, and sustainable meat.