Food technology start-up Memphis Meats has raised nearly $161m in Series B funding round to build a pilot production plant for its cell-based meat products.

The funding round was led by SoftBank Group, Norwest, and Temasek.

Other investors who participated in the funding round include Cargill, Tyson Foods, Finistere and Threshold Ventures.

The company reports the capital it raised as the largest in the cell-based meat industry.

Memphis Meats managing director, co-founder and CEO Uma Valeti said: “We are excited to welcome these investors into our Big Tent.

“Memphis Meats is revolutionising how meat is brought to every table around the world. We are providing compelling and delicious choices by producing real meat from animal cells, its natural building blocks.

“Cell-based meat is poised to dramatically expand humanity’s capacity to feed a growing global population while preserving our culinary traditions and protecting our planet.”

In addition to building a new manufacturing plant, Memphis Meats intends to expand its team and launch new products.

However, the company has yet to announce the date for its product launch. It is working with regulatory authorities to ensure a timely market entry.

It also aims to enter the Asian market, which it considers a valuable market for its cell-based meat products.

Cargill alternative protein managing director Elizabeth Gutschenritter said: “To meet the growing global demand for protein, it will take all of us working together – we need both animal and cell-based.

“Our continued investment in Memphis Meats underscores our inclusive approach to the future of meat. We need all options on the table to meet customer and consumer needs now and in the future.”

In August 2017, Memphis Meats raised $17m in funding to expand its clean meat production capabilities.