Upside Foods investment overview

Upside Foods is the most advanced cell-cultured meat company in the space. The company primarily focuses on chicken meat, but its platform also allows the company to diversify into other types of meat such as beef, pork, etc.

Thesis snapshot

Conventional meat production methods face enormous obstacles to scaling in order to meet demand that will double from current levels. Animal agriculture currently uses approximately one-third of the world’s arable land and fresh water. It produces 18% of the world’s greenhouse gas emissions. The market for meat, poultry and seafood is estimated at $2 Trillion and is projected to double by 2050.

Thesis points

  • Massive addressable meat market estimated at $2 trillion
  • By far the most advanced cell-cultured meat company in the space
  • Only company in the space with already build-out commercial scale production facilities
  • Envisaged to commercially launch by end of 2022 / beginning of 2023 in the US, becoming the first company in the space to do so
  • The company has built a strategic IP advantage
  • Leading media costs in the industry estimated at $0.13/L, enabling the company to hit industry leading COGS of only €6.3/kg by 2024

MCWIN FEF Value add

Help with introduction of novel ingredients in food service sector through McWin Food Ecosystem Fund‘s restaurants portfolio and deep ties to key players in the food service and hospitality space

Helping Upside Foods navigate EU regulatory space and related processes

We chose McWin because of their deep knowledge of the food ecosystem, their global perspective, and what it takes to build long-term focused, multi-generational companies that will fundamentally reshape the world for the better. And that's the kind of company The EVERY Company is.

Arturo Elizondo, CEO