Funding round
UPSIDE Foods Series C
UPSIDE Foods, which works in cultivated meat and beef production in Berkeley, raised $400M in a Series C round announced on 21 Apr 2022, led by Temasek and Abu Dhabi Growth Fund, at a $1.00B post-money valuation. 16 firms took part, 2 of them already investors. It is UPSIDE Foods' fourth venture round on record; the one before was a Series B in Jan 2020.
$400M
Amount raised
$1.00B
Post-money valuation
$600M pre-money
16
Investors
2 leads
2.0x
Step-up from the Series B
$500M in Jan 2020
40%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced UPSIDE Foods at $1.00B after the new money, 2.0 times the $500M of its Series B (Jan 2020). The $400M bought investors about 40% of the company. It came 27 months after UPSIDE Foods' Series B. It is 69% of the $578M UPSIDE Foods has raised in the venture rounds on record. No later venture round is on record for UPSIDE Foods.
UPSIDE Foods' funding rounds
UPSIDE Foods has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Temasek and Abu Dhabi Growth Fund led the round with 14 other firms. Temasek and Cargill had backed UPSIDE Foods before.
Lead investors
- Temasek backs 195 venture-backed companies existing investor
- Abu Dhabi Growth Fund new investor
Also in the round
- Cargill existing investor
- Givaudan new investor
- Tyson Foods new investor
- Baillie Gifford new investor
- SALT fund new investor
- backs 7 venture-backed companies new investor
- Cercano Management new investor
- backs 25 venture-backed companies new investor
- backs 22 venture-backed companies new investor
- EDBI backs 67 venture-backed companies new investor
- Norwest backs 215 venture-backed companies new investor
- SoftBank Vision Fund backs 234 venture-backed companies new investor
- backs 13 venture-backed companies new investor
- Whole Foods new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, sales and marketing and scaling operations.
- Product development
- Sales and marketing
- Scaling operations
Comparable rounds
How it compares
The closest in time: Series C rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| The Boring Company Construction Services | 20 Apr 2022 | $675M | $5.67B | Vy Capital and Sequoia Capital |
| Crusoe Hosting & Cloud Infrastructure Providers | 21 Apr 2022 | $350M | $1.75B | G2 Venture Partners |
| Grover Electronics Stores | 7 Apr 2022 | $330M | $1.00B | Energy Impact Partners |
| Remote Tech Companies | 5 Apr 2022 | $300M | $3.00B | SoftBank Vision Fund |
| Tessera Therapeutics Biotechnology | 19 Apr 2022 | $300M | not disclosed | SoftBank Vision Fund |
| Stream Financial Services | 13 Apr 2022 | $175M | not disclosed | Smash Capital and BlackRock |
| Tech Companies | 20 Apr 2022 | $170M | not disclosed | Prosus and Sanabil |
| Tech Companies | 10 Apr 2022 | $150M | $1.90B | Binance |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did UPSIDE Foods raise in its Series C round?
UPSIDE Foods raised $400M in its Series C round, announced in Apr 2022.
Who led UPSIDE Foods' Series C round?
Temasek and Abu Dhabi Growth Fund led it, with Cargill, Givaudan, Tyson Foods, Baillie Gifford and SALT fund and 9 more.
What was UPSIDE Foods' valuation at the Series C round?
$1.00B post-money ($600M pre-money).