The Dutch cultivated meat company, Meatable, has secured a significant amount of funding, bringing their total investment to $95 million. This latest round of funding, which raised $35 million, will support Meatable’s plans to launch their pork meat product in the Singaporean market by 2024 and subsequently expand to the US. The company is optimistic about the future of cell-based meat, especially considering the recent advancements made by Israeli company Aleph Farms in Switzerland and the UK. CEO and co-founder of Meatable, Krijn De Nood, expressed excitement about the progress being made in the industry, stating that each step forward is crucial in meeting consumer demands for cultivated meat.
Meatable, founded in 2018, has grown into a team of approximately 100 individuals. The company has received positive support from regulators in the EU and UK, as governments aim to remove barriers for bringing cultivated meat to consumers and provide funding for innovation in food production, including cell-based foods. In fact, the Netherlands recently became the first European country to officially allow tasting events for cultivated meat products. De Nood revealed that Meatable is currently working with European regulators to introduce their products to the continent and plans to hold tastings in the Netherlands as soon as possible.
The funding will be used to scale up Meatable’s production processes and expedite their commercial launch. By optimizing their processes, Meatable aims to achieve commercial volumes and become cost-competitive with traditional meat. Starting in 2024, Meatable’s products, such as sausages and pork dumplings, will be available in selected restaurants and retailers in Singapore. The company has partnered with Esco Aster, the only commercially licensed cultivated meat manufacturer in Singapore, for production. They are also collaborating with plant-based butcher Love Handle to develop their product range. Additionally, Meatable is establishing a presence in the US, following the recent approval of chicken made from cultivated cells.
Meatable differentiates itself through its efficient production process. Using patented opti-ox technology combined with pluripotent stem cells, the company replicates the natural growth process of animal cells without harming the animal. This allows Meatable to produce real muscle and fat cells in just eight days, which is 30 times faster than traditional pig farming. The company believes that their efficient production process positions them well to scale up cultivated meat production affordably.
The topic of cultivated meat’s environmental impact remains a subject of debate. Meatable cites research by CE Delft, showing that cultivated meat can generate up to 92% fewer emissions, up to 94% less air pollution, and use significantly less water and land compared to traditional meat. It also eliminates the need for antibiotics, reducing the risk of antimicrobial resistance. However, a pre-print study from the University of California, Davis highlighted the high energy consumption of cultivated meat production, presenting challenges that need to be addressed. Meatable claims to have the technology and processes in place to tackle these challenges and reduce the environmental impact of their products further.
The latest funding round was led by Agronomics, an investment company focused on cellular agriculture. Existing investors, including BlueYard, Bridford, MilkyWay, DSM Venturing, and Taavet Hinrikus, also participated. Dutch impact fund Invest-NL joined as a new investor, contributing $17 million. Meatable plans to use the funding to scale up production in Singapore and the US, as part of their Go-to-Market strategy. Jim Mellon, co-founder of Agronomics, emphasized the importance of finding a solution to meet the growing demand for meat while addressing the environmental impact of animal agriculture.
Overall, Meatable’s significant funding and ongoing advancements in cultivated meat are positioning the company for success in the food and beverage industry. With the support of regulators, investors, and key partnerships, Meatable aims to revolutionize the way meat is produced and consumed, providing a sustainable and scalable solution for the future.
