Food technology company Meatable raises $35m for commercial launch
"We are all making great strides." Word of the Dutch cultured meat start-up Meatable which aims to enter the market in 2024 after a fundraising of 35 million dollars. The leading food technology company announced it has raised this $35 million in new funding, bringing the company's total funding to $95 million.
Led by the venture capital Agronomics, the new funding round saw the entry of Invest-NL, a Dutch fund which joined with a contribution of 17 million dollars. The deal has also attracted the backing of other existing investors, including BlueYard, Bridford, MilkyWay, DSM Venturing and Taavet Hinrikus (Chairman and Founder of Wise).
With the new loan, processes will be optimized which will reduce production costs to the point of making them competitive with those of traditional meat and reaching commercial production volumes. Starting in Singapore, the company's products, including sausages and pork dumplings, will be available in select restaurants and retailers starting in 2024. The company is also planning a US presence. Meatable's ultimate goal is to make cultured meat available to all, without compromising taste or harming animals, people or the planet.
"When 14% of global emissions come from the traditional meat industry, it is clear that we need an alternative that reduces the damage our diets are currently causing to the planet - underlines Krijn de Nood, co-founder and CEO of Meatable- We believe cultured meat is the answer and are confident we have the tools and processes to make it a reality."
Consumer demand for meat continues to grow around the world, but this comes at a huge cost to the planet. Cultured meat is part of the solution: a study by independent research firm CE Delft found that cultured meat can reduce up to 92% of greenhouse gas emissions and up to 95% of carbon emissions compared to conventional beef. land use. This is why the market has invested nearly $900 million in the sector in 2022 alone, and last year the Netherlands announced the world's largest public investment in cellular agriculture.
To produce its cultured pork, Meatable takes a sample of cells from an animal without harming it and replicates the cell's natural growth process using patented opti-ox technology combined with pluripotent stem cells. This technology allows Meatable to produce real muscle and fat cells in just eight days, 30 times faster than the time it takes to raise a beef pig on a farm. With this efficiency, Meatable has all the processes in place to cost-effectively scale cultured meat production and provide an authentic solution to this urgent global problem.
"Cultured meat is the next revolution -explains Daan Luining, co-founder and CTO of Meatable-. Meatable promises to have unbeatable efficiency compared to traditional meat production and the cultured meat industry average, without compromising on quality. For To achieve our vision of providing the world with pollutant-free meat, we need to be competitive on prices, and that means efficiency is key. This new funding will help us scale further, further reduce production time and begin to produce cultured meat for the whole world".
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Rome, RM, Italy, 08/08/2023 19:57
EFA News - European Food Agency
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