UPSIDE Foods

UPSIDE Foods (formerly known as Memphis Meats) is a food technology startup developing cell-cultured meat. In 2016, UPSIDE Foods introduced the world’s first cell-based meatball, followed by the world's first cell-based poultry in March 2017.

In May 2021, UPSIDE Foods launched its first consumer product, “UPSIDE Chicken,” which received a “no questions” letter from the FDA in November 2022, making UPSIDE the first company to achieve this milestone. In June 2023, it received label approval and grant of inspection for EPIC (Engineering, Production, and Innovation Center) from the USDA, allowing the company to begin sale of its cultivated chicken in the US.

The company develops products at EPIC in Emeryville, California. This houses custom-made, patented cultivators capable of producing over 50,000 lbs of cell-cultured meat per year, with a future capacity of over 400,000 lbs per year.

In September 2023, the company announced the build-out of Rubicon, a new 187,000 sq ft commercial-scale manufacturing plant in Glenview, Illinois. According to the company, the new facility can produce 30 million lbs of cultivated meat products annually and will house 100,000-liter cultivators.

In January 2022, UPSIDE acquired cultivated seafood company Cultured Decadence, thereby expanding into cell-cultured seafood, including cell-cultured lobster production. Both UPSIDE Foods’ and Cultured Decadence’s product and species portfolio was to be produced at the EPIC facility.

Funding and financials

In its latest funding round in April 2022, the company raised USD 400 million in Series C funding led by Temasek, and Abu Dhabi Growth Fund (ADC). UPSIDE Foods was valued at USD 1 billion, achieving unicorn status after the round. New funds were earmarked to build a commercial-scale facility, educate consumers, and develop the supply chain for cell feed and other inputs.