Meatable raises $35 million in fresh capital

Cultivated meat pioneer Meatable raises $35 million in fresh funding to scale and accelerate the time to market for its pork products.

Meatable today announced the successful completion of a USD 35 million funding round. This brings the total amount of funds raised to date to 95 million US dollars. The round was led by Agronomics, with Dutch impact fund Invest-NL joining as a new investor with a contribution of USD 17 million. Existing investors also participated again, including BlueYard, Bridford, MilkyWay, DSM Venturing and Taavet Hinrikus (chairman and founder of Wise).

Farming has been revolutionized in the past 100 years to keep up with feeding a growing global population. Cultivated meat is the next revolution.

Daan Luining, Co-Founder & CTO Meatable

The fresh funds will primarily be used to further expand the company's operational processes and accelerate the commercial market launch. This scaling and process optimization is aimed at reducing production costs to a competitive level compared to conventional meat and expanding production to commercial volumes. From 2024, Meatable's products, including sausages and pork meatballs, will be available in selected restaurants and retail outlets in Singapore. At the same time, the company is working to establish its presence in the United States. These steps underscore Meatable's goal to make cultured meat accessible to all without sacrificing taste or harming animals, people or the planet.

The latest funding round will allow the company to scale up production in Singapore, and soon in the US, as it moves towards commercialization as part of its go-to-market strategy.

Jim Mellon, Co-Founder Agronomics

Technology for large-scale production of farmed meat

With the growing global demand for meat, conventional livestock farming is proving to be a significant burden on the environment. In vitro meat presents itself as part of the solution. According to a study by independent research company CE Delft, cultured meat can reduce the environmental impact of conventional beef by up to 92% in terms of greenhouse gas emissions and 95% in terms of land use. This insight is also reflected in the investment trend: in 2022 alone, almost 900 million US dollars flowed into the sector from investors, and the Netherlands made the world's largest public investment in cellular agriculture last year.

At Invest-NL we are genuinely excited about the pioneering endeavors undertaken by Meatable. Cultured meat has the potential to deliver unrivalled impact in terms of animal welfare, CO2 equivalent emission reduction, water use, land use and antibiotics abatement.

Bastiaan Gielink, Senior Investment Manager Invest-NL

Meatable uses novel approaches to produce cultured pork. A cell sample is taken from an animal without harming it. The natural growth process of the cells is then mimicked using patented opti-ox™ technology in combination with pluripotent stem cells. Thanks to this method, Meatable can produce real muscle and fat cells in just eight days - a speed that is 30 times faster than growing a pig in the traditional way. This high efficiency enables Meatable to scale the production of cultured meat cost-effectively and provide a sustainable solution to this global problem.

Pioneering global expansion of the in vitro meat process

To make an impact, cultured meat needs to be widely available. Meatable plans to launch its first commercial products in Singapore from 2024 and is working closely with the relevant authorities to obtain the necessary regulatory approvals. The company has already successfully conducted external tasting events in Singapore after receiving approval from the Singapore Food Agency (SFA). Meatable has also started local production in collaboration with Esco Aster, the first and only commercially licensed cultured meat producer in Singapore. In cooperation with the plant-based butcher Love Handle, a product range is also being jointly developed.

In parallel to preparing for the market launch in Singapore, the company is working to expand its presence in the United States and beyond. Recent regulatory developments have boosted confidence in the industry. The USA has granted approval for the sale of products from two farmed meat companies. Companies in the Netherlands have also been given the green light for tasting events.