Meatable, a cultivated meat start-up based in The Netherlands, has closed a US$47m Series A funding round.
It takes the total raised by the company, which manufactures meat in a lab from animal cells, to $60m.
Meatable, which finalised its first “showcase product” in 2020, said it will use the new funds to advance small-scale production at the Biotech Campus Delft and to diversify its product portfolio.
Investors this time around include a consortium consisting of DSM Venturing, venture-capital fund Section 32 and doctors Rick Klausner and Jeffrey Leiden. Existing investors BlueYard Capital, meat-alternatives investor Agronomics, venture-capital fund Humboldt and angel investor Taavet Hinrikus also took part.
Meatable claims its “proprietary platform technology” enables a more cost-effective and scalable production process for cell-based meat without the use of a growth serum. It has previously said it hopes to have products ready by 2023.
Krijn de Nood, CEO and co-founder of Meatable, said: “We are honoured to welcome a like-minded group of investors who support us on our mission – to develop, accelerate and bring to life sustainable, healthy and environmentally-sound technologies that can improve the human condition. With this funding we believe we are well on our way to bringing our first products to market to sustainably satisfy the world’s appetite for meat.”
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Dr. Klausner, former executive director of global health at the Bill & Melinda Gates Foundation, said: “We see a smart start-up that has accomplished a lot in a short amount of time. They have a great team and game-changing technology that can address the challenges around the global food insecurity issues our planet is facing, They have all the right ingredients to become the leading choice for sustainably and efficiently produced meat.”
Meatable said it is is focused on the further development of cultivated pork and beef.
The company was founded in 2018 by de Nood, Daan Luining and Dr. Mark Kotter, the principal inventor of Opti-Ox technology, which can reprogramme stem cells into any desired cell type.