Funding round
UPSIDE Foods Series B
UPSIDE Foods, which works in cultivated meat and beef production in Berkeley, raised $161M in a Series B round announced on 22 Jan 2020, led by SoftBank Group, Norwest and Temasek, at a $500M post-money valuation. 12 firms took part, 6 of them already investors. It is UPSIDE Foods' third venture round on record; the one before was a Series A in Aug 2017.
$161M
Amount raised
$500M
Post-money valuation
12
Investors
3 leads
32%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced UPSIDE Foods at $500M after the new money. The $161M bought investors about 32% of the company. It came 29 months after UPSIDE Foods' Series A. It is 28% of the $578M UPSIDE Foods has raised in the venture rounds on record. UPSIDE Foods raised again 27 months later: a Series C round of $400M in Apr 2022, at $1.00B post-money.
UPSIDE Foods' funding rounds
UPSIDE Foods has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
SoftBank Group, Norwest and Temasek led the round with 9 other firms. Tyson Foods, Cargill, Finistere and Future Ventures and 2 more had backed UPSIDE Foods before.
Lead investors
Also in the round
- Tyson Foods existing investor
- Cargill existing investor
- backs 60 venture-backed companies new investor
- Finistere existing investor
- backs 41 venture-backed companies existing investor
- backs 51 venture-backed companies existing investor
- backs 25 venture-backed companies existing investor
- backs 9 venture-backed companies new investor
- Vulcan Capital new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: 1 in Meat Production & Processing, then Series B rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Meat Production & Processing | 25 Sep 2020 | $64M | not disclosed | Blue Horizon |
| Tech Companies | 13 Jan 2020 | $150M | not disclosed | Declaration Partners |
| Loans & Financing | 26 Jan 2020 | $125M | not disclosed | SoftBank and SoftBank’s Latin America Fund |
| HighRadius Tech Companies | 7 Jan 2020 | $125M | $1.00B | ICONIQ Capital |
| Tech Companies | 1 Jan 2020 | $125M | $415M | March Capital |
| Telecommunications | 21 Jan 2020 | $103M | not disclosed | SoftBank Group |
| Tech Companies | 28 Jan 2020 | $100M | not disclosed | Susquehanna Growth Equity |
| Element Biosciences Biotechnology | 9 Jan 2020 | $80M | not disclosed | not named |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did UPSIDE Foods raise in its Series B round?
UPSIDE Foods raised $161M in its Series B round, announced in Jan 2020.
Who led UPSIDE Foods' Series B round?
SoftBank Group, Norwest and Temasek led it, with Tyson Foods, Cargill, Threshold, Finistere and Future Ventures and 4 more.
What was UPSIDE Foods' valuation at the Series B round?
$500M post-money.
Did UPSIDE Foods raise again after this round?
Yes: a Series C round in Apr 2022 of $400M at $1.00B post-money.