In the recent development, the cultivated meat startup has announced that it had raised an additional $10 million (approx €9 million) in seed funding, bringing the company’s total funding to $13 million (approx €11.7 million).
Krijn de Nood, Meatable co-founder and CEO, said:
We’re excited to announce this new funding, which will enable us to expand our scaling and cost reduction teams and to accelerate the development of our prototype. We believe no one should have to give up the meat they love — there is a way to satisfy the world’s appetite for meat without harming people, animals or the planet
The company is planning to use the new funds to accelerate the development of its technology toward its first cultivated pork prototype planned for the summer of 2020. This goal will be achievable through access to proprietary technology that uniquely positions Meatable to produce cultivated meat at scale.
The funding round was led by existing investor base including BlueYard Capital, with supplemental funds from angel investors including Taavet Hinrikus, co-founder of TransferWise, and Albert Wenger, Managing Partner at Union Square Ventures. The European Commission also contributed funds through its Eurostars Programme.
As per the company claims, cultivated meat joins plant-based proteins as a potential solution to sustainably feeding the world’s growing population. It also has the potential to use up to 96% less water and 99% less land than industrial farming.
While the current protocols can take months, but Meatable’s technology, built off Nobel Prize-winning research and optimized by Stanford and Cambridge scientists, can produce large batches of the cells needed to make meat in a matter of days to weeks. Since only one cell is required in order to start the process, it is sourced from a real animal in a completely painless way.
Our mission is to become the leading choice for sustainably and efficiently produced meat. To achieve that mission, we will need to solve the cultivated meat industry’s scale-up challenge. We hope that the unveiling of our prototype this summer will show that we are making real strides toward fulfilling our mission.
Main image credit: Meatable
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