Israeli cultured meat producer Aleph Farms has laid off 30% of its workforce due to difficulties raising capital, online publication Green Queen reported on June 6.
Aleph Farms, one of four companies approved to sell Israeli-grown meat, has laid off about 30 of its 100 local employees due to difficulties raising capital amid broader disinvestment in the sector. “As we adapt our organization for the next phase of growth, we need to lay off approximately 30% of our local workforce.”the company said.
They added that “The ability to adapt is essential at all levels of life, allowing us to cope with change and promote growth over time”.
Aleph Farms earlier this year received regulatory approval to sell its Israeli-grown beef. The startup then announced its intention to sell its meat to some restaurants in the country.
The long-term goal was to make test tube meat available to retailers. The company has since struck a deal to produce cultured meat in Thailand and partnered with a biotech startup to use artificial intelligence to reduce costs and enable scalability.
The company previously outlined its goal of achieving $1 billion in revenue by 2030. But difficulties attracting investment, a global decline in funding for alternative proteins and geopolitical tensions have put pressure on the company. Sector analysts point out that in the context of such a difficult situation, all companies are reviewing their expenses.
Source: Rossa Primavera
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