Meatable, an Amsterdam-based cultivated meat start-up, has secured US$10m in new funding from a group of investors to accelerate development ahead of its target launch next year.
Founded in 2018 by Krijn de Nood, who is chief executive, Daan Luining (chief technology officer), and Dr. Mark Kotter, Meatable said the latest funding round takes its investment to date to $13m. The team has grown to 14 people since launch, including 12 scientists skilled in “tissue mechanics and high-density cell culturing to bio-engineering and business strategy”.
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By GlobalData“Meatable will use the new funds to accelerate the development of their technology toward their first cultivated pork prototype planned for the summer of 2020,” the company said in a statement. “This goal will be achievable through access to proprietary technology that uniquely positions Meatable to produce cultivated meat at scale. “
Markets for the initial launch have yet to be determined, a spokesperson told just-food, with beef next in line after pork.
The new seed capital was provided by existing an investor, Berlin-based BlueYard Capital and angel investors Taavet Hinrikus, co-founder of TransferWise (a London-based money-transfer business), and Albert Wenger, the managing partner at Union Square Ventures (a venture capital fund in New York). The European Commission also contributed funds through its Eurostars Programme.
CEO de Nood said: “We’re excited to announce this new funding, which will enable us to expand our scaling and cost-reduction teams and to accelerate development of our first 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.”
Cultivated meat has the potential to use up to 96% less water and 99% less land than industrial farming, and “with energy-efficient processes could slash emissions associated with meat production”, according to Meatable.
“Industrial farming practices strain the earth’s already limited land and water resources and are responsible for 14%-18% of human-caused greenhouse gas emissions,” it added.
The CEO continued: “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 first prototype this summer will show that we are making real strides toward fulfilling our mission.”
