UPSIDE Foods valuation, funding and investors

UPSIDE Foods works in cultivated meat and beef production, based in Berkeley, United States. Founded in 2015, it has about 230 employees.

Series C

VALUATION · TODAY

$479M −10% after Series C

Range $102M – $1.46B · Grade D

TODAY

+12 MO

$500M

$1.00B

$1.50B

$2.00B

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Seed

Series A $17.0M

Series B $161M

Series C $400M

ValuationBefore first round12-month outlook: where it points, how wide it fansHover the past: the outlook shows what was predicted then

HEADCOUNT · TODAY230 employees

+1%6m growth

+2%1y growth

−18%2y growth

200

400

Data from Mar 2022

TODAY

Predicted in 1 yr $431M −10% vs today

Predicted next raise $149M if a round comes

Winding-down probability 54%

Last round: Series C · $400M · Apr 2022
Valuation at last round: $1.00B
Headcount: 230 · flat
Grade: D
Founded: 2015

How VCMC values companies →

UPSIDE Foods valuation today

VCMC values UPSIDE Foods at $479M today, with a range of $102M to $1.5B and a grade of D. The valuation starts from its last funding round, a Series C round in Apr 2022.

Valuation by date (147 rows)

Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.

UPSIDE Foods: valuation by date, as the model would have shown it on each date
Date	Valuation	Range	Predicted in 1 yr	Phase	Headcount	Trend	Grade	Winding-down probability
1 Jan 2015	$5.13M	$1.87M – $14.1M	$5.38M (+5%)	before first round	–	unknown	D	0%
1 Feb 2015	$5.15M	$1.88M – $14.2M	$5.40M (+5%)	before first round	–	unknown	D	0%
1 Mar 2015	$5.17M	$1.88M – $14.2M	$5.42M (+5%)	before first round	–	unknown	D	0%
1 Apr 2015	$5.19M	$1.89M – $14.3M	$5.44M (+5%)	before first round	–	unknown	D	0%
1 May 2015	$5.21M	$1.90M – $14.3M	$5.46M (+5%)	before first round	–	unknown	D	0%
1 Jun 2015	$5.23M	$1.90M – $14.4M	$5.48M (+5%)	before first round	–	unknown	D	0%
1 Jul 2015	$5.25M	$1.91M – $14.4M	$5.50M (+5%)	before first round	–	unknown	D	0%
1 Aug 2015	$5.27M	$1.92M – $14.5M	$5.65M (+7%)	before first round	–	unknown	D	0%
1 Sep 2015	$5.29M	$1.93M – $14.5M	$5.80M (+10%)	before first round	–	unknown	D	0%
1 Oct 2015	$5.31M	$1.93M – $14.6M	$5.95M (+12%)	before first round	–	unknown	D	0%
1 Nov 2015	$5.33M	$1.94M – $14.7M	$6.11M (+15%)	before first round	–	unknown	D	0%
1 Dec 2015	$5.36M	$1.95M – $14.7M	$6.27M (+17%)	before first round	–	unknown	D	0%
1 Jan 2016	$5.38M	$1.96M – $14.8M	$6.45M (+20%)	before first round	–	unknown	D	0%
1 Feb 2016	$5.40M	$1.97M – $14.8M	$6.62M (+23%)	before first round	–	unknown	D	0%
1 Mar 2016	$22.0M	$11.0M – $87.7M	$44.0M (+100%)	after a round	–	unknown	D	0%
2 Mar 2016	$22.0M	$11.0M – $87.7M	$44.0M (+100%)	after a round	–	unknown	D	0%
1 Apr 2016	$23.3M	$11.0M – $87.7M	$44.0M (+89%)	after a round	–	unknown	D	0%
1 May 2016	$24.7M	$11.0M – $87.7M	$44.0M (+78%)	after a round	–	unknown	D	0%
1 Jun 2016	$26.2M	$11.0M – $87.7M	$44.0M (+68%)	after a round	–	unknown	D	0%
1 Jul 2016	$27.7M	$11.0M – $87.7M	$44.0M (+59%)	after a round	–	unknown	D	0%
1 Aug 2016	$29.4M	$11.0M – $87.7M	$44.0M (+50%)	after a round	–	unknown	D	0%
1 Sep 2016	$31.2M	$11.0M – $87.7M	$44.0M (+41%)	after a round	–	unknown	D	0%
1 Oct 2016	$33.0M	$11.0M – $87.7M	$44.0M (+33%)	after a round	–	unknown	D	0%
1 Nov 2016	$35.0M	$11.0M – $87.7M	$44.0M (+26%)	after a round	–	unknown	D	0%
1 Dec 2016	$37.1M	$11.0M – $87.7M	$44.0M (+19%)	after a round	–	unknown	D	0%
1 Jan 2017	$39.3M	$11.0M – $87.7M	$44.0M (+12%)	after a round	–	unknown	D	0%
1 Feb 2017	$41.7M	$11.0M – $87.7M	$44.0M (+6%)	after a round	–	unknown	D	0%
1 Mar 2017	$44.0M	$11.0M – $87.7M	$44.0M (0%)	after a round	–	unknown	D	0%
1 Apr 2017	$44.0M	$10.5M – $87.7M	$44.0M (0%)	after a round	–	unknown	D	0%
1 May 2017	$44.0M	$9.99M – $87.7M	$44.0M (0%)	after a round	–	unknown	D	0%
1 Jun 2017	$44.0M	$9.49M – $87.7M	$44.0M (0%)	after a round	–	unknown	D	0%
1 Jul 2017	$44.0M	$9.03M – $87.7M	$44.0M (0%)	after a round	–	unknown	D	0%
1 Aug 2017	$77.2M	$54.4M – $197M	$139M (+80%)	after a round	–	unknown	C	0%
2 Aug 2017	$77.3M	$54.4M – $197M	$139M (+80%)	after a round	–	unknown	C	0%
1 Sep 2017	$81.2M	$54.4M – $197M	$139M (+71%)	after a round	–	unknown	C	0%
1 Oct 2017	$85.2M	$54.4M – $197M	$139M (+63%)	after a round	–	unknown	C	0%
1 Nov 2017	$89.5M	$54.4M – $197M	$139M (+55%)	after a round	–	unknown	C	0%
1 Dec 2017	$94.0M	$54.4M – $197M	$139M (+48%)	after a round	–	unknown	C	0%
1 Jan 2018	$98.8M	$54.4M – $197M	$139M (+41%)	after a round	–	unknown	C	0%
1 Feb 2018	$104M	$54.4M – $197M	$139M (+34%)	after a round	–	unknown	C	0%
1 Mar 2018	$109M	$54.4M – $197M	$139M (+28%)	after a round	–	unknown	C	0%
1 Apr 2018	$114M	$54.4M – $197M	$139M (+22%)	after a round	–	unknown	C	0%
1 May 2018	$120M	$54.4M – $197M	$139M (+16%)	after a round	–	unknown	C	0%
1 Jun 2018	$126M	$54.4M – $197M	$139M (+10%)	after a round	–	unknown	C	0%
1 Jul 2018	$132M	$54.4M – $197M	$139M (+5%)	after a round	–	unknown	C	0%
1 Aug 2018	$139M	$54.4M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Sep 2018	$139M	$51.7M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Oct 2018	$139M	$49.2M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Nov 2018	$139M	$46.8M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Dec 2018	$139M	$44.6M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Jan 2019	$139M	$42.3M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Feb 2019	$139M	$40.2M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Mar 2019	$139M	$38.4M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Apr 2019	$139M	$36.5M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 May 2019	$139M	$34.8M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Jun 2019	$139M	$33.0M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Jul 2019	$139M	$31.4M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Aug 2019	$139M	$29.9M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Sep 2019	$139M	$28.4M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Oct 2019	$139M	$27.0M – $197M	$139M (0%)	after a round	–	unknown	C	0%
1 Nov 2019	$139M	$25.7M – $197M	$139M (0%)	after a round	–	unknown	D	0%
1 Dec 2019	$139M	$24.5M – $197M	$139M (0%)	after a round	–	unknown	D	0%
1 Jan 2020	$139M	$23.2M – $197M	$139M (0%)	after a round	–	unknown	D	0%
23 Jan 2020	$501M	$435M – $863M	$750M (+50%)	after a round	–	unknown	B	0%
1 Feb 2020	$506M	$435M – $863M	$750M (+48%)	after a round	–	unknown	B	0%
1 Mar 2020	$522M	$435M – $863M	$750M (+44%)	after a round	–	unknown	B	0%
1 Apr 2020	$540M	$435M – $863M	$750M (+39%)	after a round	–	unknown	B	0%
1 May 2020	$559M	$435M – $863M	$750M (+34%)	after a round	–	unknown	B	0%
1 Jun 2020	$578M	$435M – $863M	$750M (+30%)	after a round	–	unknown	B	0%
1 Jul 2020	$598M	$435M – $863M	$750M (+25%)	after a round	–	unknown	B	0%
1 Aug 2020	$619M	$435M – $863M	$750M (+21%)	after a round	–	unknown	B	0%
1 Sep 2020	$640M	$435M – $863M	$750M (+17%)	after a round	–	unknown	B	0%
1 Oct 2020	$662M	$435M – $863M	$750M (+13%)	after a round	–	unknown	B	0%
1 Nov 2020	$685M	$435M – $863M	$750M (+9%)	after a round	–	unknown	B	0%
1 Dec 2020	$709M	$435M – $863M	$750M (+6%)	after a round	–	unknown	B	0%
1 Jan 2021	$733M	$435M – $863M	$750M (+2%)	after a round	–	unknown	B	0%
1 Feb 2021	$750M	$428M – $863M	$750M (0%)	after a round	–	unknown	B	0%
1 Mar 2021	$750M	$411M – $863M	$750M (0%)	after a round	–	unknown	B	0%
1 Apr 2021	$750M	$394M – $863M	$750M (0%)	after a round	–	unknown	B	0%
1 May 2021	$750M	$377M – $863M	$750M (0%)	after a round	–	unknown	B	0%
1 Jun 2021	$750M	$361M – $863M	$750M (0%)	after a round	–	unknown	B	0%
1 Jul 2021	$750M	$346M – $863M	$750M (0%)	after a round	–	unknown	B	0%
1 Aug 2021	$750M	$331M – $863M	$750M (0%)	after a round	–	unknown	B	0%
1 Sep 2021	$750M	$316M – $863M	$750M (0%)	after a round	–	unknown	B	0%
1 Oct 2021	$750M	$303M – $863M	$750M (0%)	after a round	–	unknown	B	0%
1 Nov 2021	$750M	$290M – $863M	$750M (0%)	after a round	–	unknown	B	0%
1 Dec 2021	$750M	$278M – $863M	$750M (0%)	after a round	–	unknown	B	0%
1 Jan 2022	$750M	$266M – $863M	$750M (0%)	after a round	–	unknown	B	0%
1 Feb 2022	$750M	$234M – $863M	$750M (0%)	after a round	–	unknown	C	0%
1 Mar 2022	$750M	$224M – $863M	$750M (0%)	after a round	190	unknown	C	0%
1 Apr 2022	$750M	$213M – $863M	$750M (0%)	after a round	190	unknown	C	0%
22 Apr 2022	$1.0B	$869M – $1.5B	$1.3B (+30%)	after a round	190	unknown	A	0%
1 May 2022	$1.0B	$869M – $1.5B	$1.3B (+29%)	after a round	190	unknown	A	0%
1 Jun 2022	$1.0B	$869M – $1.5B	$1.3B (+26%)	after a round	190	unknown	A	0%
1 Jul 2022	$1.1B	$869M – $1.5B	$1.3B (+24%)	after a round	190	unknown	A	0%
1 Aug 2022	$1.1B	$869M – $1.5B	$1.3B (+21%)	after a round	190	unknown	A	0%
1 Sep 2022	$1.1B	$869M – $1.5B	$1.3B (+18%)	after a round	190	unknown	A	0%
1 Oct 2022	$1.1B	$869M – $1.5B	$1.3B (+16%)	after a round	190	unknown	A	0%
1 Nov 2022	$1.1B	$869M – $1.5B	$1.3B (+13%)	after a round	190	unknown	A	0%
1 Dec 2022	$1.2B	$869M – $1.5B	$1.3B (+11%)	after a round	190	unknown	A	0%
1 Jan 2023	$1.2B	$869M – $1.6B	$1.4B (+10%)	after a round	240	up	A	0%
1 Feb 2023	$1.3B	$869M – $1.6B	$1.4B (+7%)	after a round	240	up	A	0%
1 Mar 2023	$1.3B	$869M – $1.6B	$1.4B (+5%)	after a round	240	up	A	0%
1 Apr 2023	$1.3B	$869M – $1.6B	$1.4B (+2%)	after a round	240	up	A	0%
1 May 2023	$1.4B	$867M – $1.6B	$1.4B (0%)	after a round	240	up	A	0%
1 Jun 2023	$1.4B	$861M – $1.6B	$1.4B (0%)	after a round	240	up	B	0%
1 Jul 2023	$1.4B	$856M – $1.6B	$1.4B (0%)	after a round	240	up	B	0%
1 Aug 2023	$1.4B	$850M – $1.6B	$1.4B (0%)	after a round	240	up	B	0%
1 Sep 2023	$1.4B	$844M – $1.6B	$1.4B (0%)	after a round	240	up	B	0%
1 Oct 2023	$1.5B	$862M – $1.7B	$1.5B (0%)	after a round	320	up	B	0%
1 Nov 2023	$1.5B	$861M – $1.7B	$1.5B (0%)	after a round	320	up	B	0%
1 Dec 2023	$1.5B	$860M – $1.7B	$1.5B (0%)	after a round	320	up	B	0%
1 Jan 2024	$1.5B	$858M – $1.7B	$1.5B (0%)	after a round	320	up	B	0%
1 Feb 2024	$1.4B	$848M – $1.7B	$1.4B (0%)	after a round	300	up	B	0%
1 Mar 2024	$1.4B	$845M – $1.7B	$1.4B (0%)	after a round	300	up	B	0%
1 Apr 2024	$1.4B	$843M – $1.7B	$1.4B (0%)	after a round	300	up	B	0%
1 May 2024	$1.4B	$763M – $1.7B	$1.4B (0%)	after a round	300	up	B	0%
1 Jun 2024	$1.4B	$749M – $1.7B	$1.4B (0%)	after a round	300	up	B	0%
1 Jul 2024	$1.4B	$724M – $1.6B	$1.4B (-1%)	after a round	280	up	B	0%
1 Aug 2024	$907M	$439M – $1.5B	$666M (-27%)	after a round	280	down	C	69%
1 Sep 2024	$891M	$417M – $1.5B	$649M (-27%)	after a round	280	down	C	69%
1 Oct 2024	$876M	$397M – $1.5B	$633M (-28%)	after a round	280	down	C	69%
1 Nov 2024	$693M	$371M – $1.5B	$443M (-36%)	after a round	260	down	C	97%
1 Dec 2024	$676M	$354M – $1.5B	$429M (-37%)	after a round	260	down	C	97%
1 Jan 2025	$660M	$336M – $1.5B	$415M (-37%)	after a round	260	down	C	97%
1 Feb 2025	$644M	$319M – $1.6B	$402M (-38%)	after a round	260	down	C	97%
1 Mar 2025	$630M	$305M – $1.6B	$390M (-38%)	after a round	260	down	C	97%
1 Apr 2025	$614M	$290M – $1.6B	$378M (-39%)	after a round	260	down	C	97%
1 May 2025	$581M	$276M – $1.6B	$377M (-35%)	after a round	260	down	C	89%
1 Jun 2025	$506M	$254M – $1.6B	$318M (-37%)	after a round	226	down	C	97%
1 Jul 2025	$367M	$241M – $813M	$213M (-42%)	after a round	222	shrinking	C	97%
1 Aug 2025	$474M	$230M – $1.6B	$296M (-37%)	after a round	225	down	C	97%
1 Sep 2025	$458M	$218M – $1.6B	$286M (-38%)	after a round	225	down	C	97%
1 Oct 2025	$444M	$208M – $1.5B	$277M (-38%)	after a round	225	down	D	97%
1 Nov 2025	$424M	$195M – $1.5B	$264M (-38%)	after a round	212	down	D	97%
1 Dec 2025	$411M	$186M – $1.5B	$255M (-38%)	after a round	212	down	D	97%
1 Jan 2026	$397M	$176M – $1.5B	$246M (-38%)	after a round	212	down	D	97%
1 Feb 2026	$384M	$168M – $1.5B	$238M (-38%)	after a round	212	down	D	97%
1 Mar 2026	$373M	$160M – $1.5B	$233M (-38%)	after a round	212	down	D	97%
1 Apr 2026	$404M	$154M – $1.5B	$267M (-34%)	after a round	227	down	D	89%
1 May 2026	$401M	$146M – $1.5B	$298M (-26%)	after a round	223	down	D	82%
1 Jun 2026	$426M	$139M – $1.5B	$330M (-22%)	after a round	223	flat	D	76%
1 Jul 2026	$451M	$132M – $1.5B	$362M (-20%)	after a round	223	flat	D	70%
1 Aug 2026	$475M	$126M – $1.5B	$394M (-17%)	after a round	223	flat	D	64%
1 Sep 2026	$498M	$120M – $1.5B	$426M (-15%)	after a round	223	flat	D	59%
1 Oct 2026	$528M	$115M – $1.5B	$463M (-12%)	after a round	230	flat	D	54%
24 Oct 2026	$479M	$102M – $1.5B	$431M (-10%)	after a round	230	flat	D	54%

Key facts about UPSIDE Foods

Founded: 2015
Headquarters: Berkeley, United States
Employees: about 230 +8% in a year
Total raised: $578M
Funding rounds: 4
Last round: Series C Apr 2022

UPSIDE Foods was founded in 2015 by Nicholas Genovese, Uma Valeti and Will Clem.

UPSIDE Foods funding history

UPSIDE Foods has 4 funding rounds on record, from Mar 2016 to Apr 2022, $578M in total. The latest disclosed valuation is $1.00B post-money (Series C, Apr 2022).

Series C 21 Apr 2022
Led by Temasek, Abu Dhabi Growth Fund; with Cargill, Givaudan, Tyson Foods, Baillie Gifford, SALT fund, Synthesis Capital, Cercano Management, CPT Capital, Dentsu Ventures, EDBI, Norwest, SoftBank Vision Fund, IndieBio, Whole Foods.
Sources: fairr.org, foodbusinessnews.net, synthesis.capital and 3 more
$400M
$1.00B post-money
Series B 22 Jan 2020
Led by SoftBank Group, Norwest, Temasek; with Tyson Foods, Cargill, Threshold, Finistere, Future Ventures, Fifty Years, CPT Capital, KBW Ventures, Vulcan Capital.
Sources: prnewswire.com, foodbusinessnews.net, cnn.com and 1 more
$161M
$500M post-money
Series A 1 Aug 2017
Led by dfj; with Atomico, Cargill.
Sources: atomico.com, kids.kiddle.co, en.wikipedia.org
$17M
Seed 1 Mar 2016
With SOSV, Unovis Asset Management.
Sources: cheddarflow.com, agfundernews.com
Amount undisclosed

UPSIDE Foods investors

27 investors have backed UPSIDE Foods; Norwest, Temasek and Abu Dhabi Growth Fund and 2 more led at least one round.

Norwest lead, 2 rounds
Temasek lead, 2 rounds
Abu Dhabi Growth Fund lead
SoftBank Group lead
Cargill 3 rounds
Tyson Foods 2 rounds
Atomico
Baillie Gifford
Cercano Management
EDBI
Finistere
Givaudan
SALT fund
SoftBank Vision Fund
Vulcan Capital
Whole Foods

What UPSIDE Foods does

UPSIDE Foods works in meat production & processing, with 10 recorded offerings and customers in food and beverage.

Upside Foods, Inc. is an American biotechnology company engaged in the development and production of cultivated meat and seafood products. The company utilizes biotechnology and cellular agriculture to create meat alternatives from animal cells, and operates a large-scale production facility. UPSIDE Foods distributes its products to restaurants and grocers, and is involved in research and development within the food technology sector.

Description from Veridion's company data.

Products and services

Cultivated Meat and Beef Production
Cultivated Chicken Production
Cultivated Duck Production
Cultivated Seafood Production
Cultivated Meat Product Development
Cultivated Meat Product Distribution
Sustainable Food Technology Research and Development
Food Industry Partnership Development
Food Industry Education Services
Food Industry Advocacy Services

Markets

Food and Beverage

Technology

Cellular Agriculture
Bioreactor-Based Meat Production

Certifications

FDA certified
USDA certified

Business model

Business-to-Business
Manufacturing
Wholesale

Industry codes (NAICS)

311999 All Other Miscellaneous Food Manufacturing 70% match
424490 Other Grocery and Related Products Merchant Wholesalers 30% match

Questions about UPSIDE Foods

What is UPSIDE Foods worth?

Valuation $479M (range $102M to $1.5B), as of 24 Oct 2026. The last disclosed valuation was $1.00B (Series C, Apr 2022).

Has UPSIDE Foods raised money?

UPSIDE Foods has 4 funding rounds on record, from Mar 2016 to Apr 2022, $578M in total. The latest disclosed valuation is $1.00B post-money (Series C, Apr 2022).

Who has invested in UPSIDE Foods?

Norwest, Temasek, Abu Dhabi Growth Fund, dfj, SoftBank Group and Cargill, and 21 more. Lead investors include Norwest, Temasek, Abu Dhabi Growth Fund and dfj.

How many people work at UPSIDE Foods?

About 230, up 8% over the last year. Headcount rose from 190 in Mar 2022 to 320 in Oct 2023, then fell to 230 in Sep 2026.

What does UPSIDE Foods do?

UPSIDE Foods works in meat production & processing, with 10 recorded offerings and customers in food and beverage. Its main offerings are cultivated meat and beef production, cultivated chicken production and cultivated duck production.

When was UPSIDE Foods founded, and where is it based?

UPSIDE Foods was founded in 2015 and is based in Berkeley, United States. It has about 230 employees, up 8% over the last year.

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