Meatable, a frontrunner in the food tech sector, has successfully raised $35 million in its latest funding round, elevating the company’s total funding to an impressive $95 million. Agronomics spearheaded this round and saw the participation of Invest-NL, a Dutch impact fund, which contributed a significant $17 million. Notably, existing investors such as BlueYard, Bridford, MilkyWay, DSM Venturing, and Taavet Hinrikus, the founder and chairman of Wise, reaffirmed their support.
The newly acquired funds are earmarked to enhance Meatable’s production processes and hasten its commercial debut. The company aims to optimize its processes to make its products cost-competitive with conventional meat. Starting in 2024, food enthusiasts in Singapore can anticipate Meatable’s offerings, including sausages and pork dumplings, in select eateries and retail outlets. Furthermore, Meatable is setting its sights on establishing a foothold in the US market, aligning with its mission to offer cultivated meat that doesn’t compromise on taste, animal welfare, or environmental impact.
Krijn de Nood, Meatable’s CEO, expressed his enthusiasm about the new investment, emphasizing the importance of providing an eco-friendly alternative to traditional meat, which accounts for 14% of global emissions. He stated, “Cultivated meat is the future, and with our innovative processes, we’re poised to lead this change.”
The global appetite for meat is upward, but this demand has environmental repercussions. Independent research by CE Delft highlights that cultivated meat can slash traditional beef’s environmental footprint by up to 92% in terms of greenhouse gas emissions and 95% for land use. This potential has attracted nearly $900 million in investments to the sector in 2022 alone.
Meatable’s cutting-edge approach involves its patented opti-ox™ technology in tandem with pluripotent stem cells. This allows the company to produce genuine muscle and fat cells in a mere eight days, a process that is 30 times faster than traditional pork farming. Daan Luining, Meatable’s CTO, emphasized the revolutionary nature of cultivated meat and the company’s commitment to efficiency and quality.
In addition to its Singapore launch, Meatable collaborates with regulatory bodies to gain product approval. The company has already made strides in Singapore, hosting tasting events in 2023 and partnering with Esco Aster, Singapore’s sole commercially licensed cultivated meat manufacturer. Collaborative efforts are also underway with plant-based butcher Love Handle.
The cultivated meat industry is receiving a boost globally, with the US recently approving two companies in this sector. The Netherlands has also set a precedent in Europe by allowing companies to organize tasting events.
Jim Mellon of Agronomics lauded Meatable’s efforts, highlighting the urgent need for sustainable meat alternatives given the environmental challenges posed by traditional animal agriculture. Bastiaan Gielink from Invest-NL echoed this sentiment, praising Meatable’s pioneering efforts in cultured meat.
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Image provided by Meatable