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SCiFi Foods ceases operations amid fundraising challenges
Cell-cultured Meat
Jun 10, 2024
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Cell-cultured Meat

Cell-cultured Meat

Jun 10, 2024

SCiFi Foods ceases operations amid fundraising challenges

Management news

  • SciFi Foods (previously Artemys Foods), a cell-cultured meat startup, is set to close its operations and has hired an advisory firm to oversee the sale of its assets due to fundraising obstacles.

  • Despite R&D breakthroughs and production milestones , the company has failed to attract the necessary funding for continued operations. This development highlights the industry-wide decline in funding levels.

  • Analyst QuickTake: The company’s latest funding round was in June 2022 , when it raised USD 22 million in Series B funding, bringing the total funds to USD 38.7 million. According to our Q1 2024 Food Tech quarterly , industry-wide funding fell 395% YoY, highlighting fundraising challenges across the industry.

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