One of Brooklyn’s largest tech firms is shipping off to the lush pastures of New Jersey, lured by abundant space and a generous tax break.
Modern Meadow announced this week it will move its headquarters from Sunset Park to Nutley, N.J., not far from the Meadowlands. The company said it will take more than 70,000 square feet there, to go along with a Grow NJ tax credit worth up to $32 million.
Modern Meadow is a “biofabrication company.” Its principal product is leather grown on a petri dish rather than on a cow.
Thank you! We're excited to join the vibrant community of 100+ companies defining the future of technology & advanced manufacturing!
— Modern Meadow (@ModernMeadow) August 16, 2017
To date, Modern Meadow has raised $53.5 million, including a massive $40 million round last year.
The company will retain a Brooklyn presence, with an applied research studio at New Lab, the manufacturing and design campus at the Brooklyn Navy Yard.-30-