After over $390 million in funding, Believer Meats abruptly shuts down
The cultivated-meat company, formerly known as Future Meat Technologies, said operations would cease immediately, leaving behind a newly built mega-factory and over $34 million in unpaid construction bills.
Believer Meats (formerly Future Meat Technologies), once one of the world’s most advanced and heavily funded cultured-meat startups, has abruptly shut down operations after running out of cash, leaving behind a newly built mega-factory, over $34 million in unpaid construction bills, and a sector grappling with the collapse of one of its leading contenders.
The company recently laid off its remaining employees, and its global head of HR and talent, Anne Schubert, wrote on social media: “After two years of building something truly bold and special, Believer Meats made the difficult decision last week to cease operations.”
At an internal meeting for the remaining staff, executives announced that the company is now seeking a buyer, an abrupt turn of events that comes just months after completing construction of a massive cultured-meat production plant in North Carolina. In recent weeks, Believer achieved two key milestones with U.S. regulators, clearing the way to legally sell its products to the public.
Believer Meats is facing a lawsuit from the construction company that built its plant in the United States, alleging an unpaid debt of $34 million. In October 2025, the two sides reached an agreement under which Believer agreed to pay the plaintiff, Gray Construction, $22 million by December 5, with the remaining $12 million to be paid in two installments in 2026. Gray claims Believer failed to raise the required cash by the December deadline and therefore breached the agreement. The suit further alleges that Believer did not sign “any further documents reasonably requested to effectuate expedited foreclosure and sale” of the facility, and that the company is insolvent under the terms of its loan agreements.
The shutdown appears to have been sudden. Just a week ago, Believer was still posting job openings on LinkedIn; today, many of those applicants, and the company's employees, are now looking for work. The timing has surprised many observers: Believer was widely seen as one of the world’s most advanced and promising cultured-meat companies. Only a month ago, it completed a large-scale production facility in North Carolina, a rare achievement in the sector. The company has claimed that the plant is capable of producing 12,000 tons of cultured chicken annually, and it is the only company with both large-scale manufacturing capacity and full U.S. regulatory clearance to market its products, with approvals from the FDA and the U.S. Department of Agriculture. CEO Gustavo Burger had described the plant’s completion as a “bold leap forward” for the cultured-meat industry.
Believer Meats, founded by Prof. Yaakov Nahmias of the Hebrew University, is among the most heavily funded companies in the industry. It raised a $347 million Series B in 2021, taking its total funding to over $390 million, and is backed by investors including ADM Ventures, Menora Mivtachim Insurance, S2G Investments, Tyson Ventures, Rich Products Ventures, Manta Ray Ventures, Emerald Technology Ventures, Cibus Capital and Bits x Bites. In 2023, it signed a memorandum of understanding with ADM to explore joint opportunities, but that partnership appears not to have materialized at a critical moment.
Until recently, cultured meat was considered a rising star in the food-tech world. For years, entrepreneurs and investors promised that lab-grown meat, animal-free, cruelty-free and significantly less damaging to the environment, would reach consumers within just a few years. Because of the technical complexity and enormous R&D costs, companies in the space were able to raise substantial sums, but over the last two years many investors have pulled back as the sector has failed to meet its early promises.
Funding tells the story clearly: while overall agri-foodtech investment has fallen sharply since early 2022, private capital for cultured-meat companies has nearly dried up. AgFunder data shows funding peaked at $989 million in 2021, then fell to $807 million in 2022, $177 million in 2023, and just $55 million in 2024 (excluding an undisclosed round by Hoxton Farms). Data for 2025 is not yet available.
After years of hype and massive fundraising, the cultured-meat sector is now facing a tough economic and technological reality. Investors are retreating, and commercial production has not taken off. Costs remain high, and only a handful of companies have managed to build large facilities, facilities that are themselves now facing operational hurdles and high overhead. Regulatory progress is slow, and many experts question whether the technologies can reach the efficiency needed to become viable at scale. Most products still contain low percentages of cultured cells and rely heavily on plant-based fillers. No company has yet achieved true large-scale production capable of supplying restaurants or grocery chains.
In the broader food-tech market, doubts have grown over whether the sector can deliver on its promises. As Asaf Ben-Shitrit, founder of Redefine Meat, put it: “Future Meat started out very promisingly and at every moment was among the most advanced in the field, perhaps even the most advanced. The regulatory approval, the large plant and the money raised gave them good conditions to reach the market first. In my opinion, the main obstacle is simply the fact that after 10 years, the companies in the field produce cells, but producing cells is not producing meat. The cells do not contribute at all, at least not significantly, to taste or texture. The companies that have received regulatory approval have not yet entered the market, and the technological breakthrough has not brought any real change.”
Believer Meats did not respond to a request for comment.
