Joe Future Food Completes A+ Round Financing of CNY Tens of Million

Healthcare Author: Siyi Zhao Editor: Lina Peng Apr 28, 2023 05:13 PM (GMT+8)

Cell-Cultured Meat Leader, Joe Future Food (周子未来), completes A+ round financing of CNY tens of million.

Meat and meat

Cell-Cultured Meat Leader, Joe Future Food (周子未来), completes A+ round financing of CNY tens of million.

Established in Nanjing in December 2019, Joe Future Food is the first creator of cell-cultured meat in China. The founding team has been deeply involved in the field of cell-cultured meat for many years and has broken through technology monopolies through independent research and development, covering various aspects such as basic research, industrialization, and regulatory policy research by leveraging the capabilities and resources of the entire industry chain.

According to Joe's official website, the company uses its self-developed serum-free culture medium and independently domesticated seed cells to conduct carrier-free suspension culture in 100-liter bioreactors, producing kilograms of cell-cultured meat per week. In 2022, Joe Future Food won multiple awards, including "China's Top 10 Advances in Food Technology" and "50 Smartest Companies" by MIT Technology Review, fully demonstrating its leading position in the industry.

EqualOcean found in a report from Polaris Market Research that the global cell-cultured meat market was worth USD 133.4 million in 2021, and is expected to maintain a compound annual growth rate of 16.2% between 2022 and 2030. The three major driving forces of the market are easing the pressure on global meat consumption, ensuring food security, and focusing on environmental issues.

Meanwhile, Joe Future Food has actively strengthened international cooperation. On January 3, 2023, the Cell Agriculture International Symposium, hosted by the Korean Society for Cellular Agriculture (KSCA), was held in Seoul, South Korea. Dr. Ding Shijie, co-founder and CEO of Joe Future Food, attended the conference and delivered a keynote speech titled "Cultured Meat in China," showcasing the rapid development of cell-cultured meat in China and Joe Future Food's practical experience as a domestic industry pioneer. After the conference, Dr. Ding visited the National University of Korea and held talks and exchanges with relevant personnel, reaching cooperation in scientific research and industry.

Currently, several other start-up companies have emerged in the field of cell-cultured meat in China, including JimiBio (极麋生物), and CellX (食未科技). Internationally, companies such as Eat Just and Upside Foods in the United States, CellMEAT in South Korea, and Esco Aster in Singapore have also achieved remarkable results.

Joe Future Food's A+ round of financing was exclusively invested by Qiming Venture Partners (启明创投). Previously, GL Ventures (高瓴创投) led Joe Future Food's A round of financing.

At this critical stage, the ESG2023 "the US Sub-Forum" will be held in Shenzhen on June 2, 2023. EqualOcean will invite the representatives of academic institutions and investment institutions, as well as company leaders, from the International Studies Institute of Fudan University, Sun Yat-sen University, Jinan University School of International Relations, Gaorong Capital, Vision Plus Capital, FreeS Fund, ZWC Partners, Source Code Capital, Niu Technologies, TikTok, SHEIN, NEIWAI, miHoYo, Tuya, MINISO, Dreame, Ecovacs, WYBOTICS, Lifen, and UniUni.EqualOcean analysts will also release the US Report 2023 at the US Sub-Forum, summarizing business opportunities and best practices for expanding into the US market in the new stage. 

Click the EqualOcean全球化峰会(ESG 2023)出海美国论坛 to apply and scan the QR code below to learn more about ESG2023.