Dutch cell-based protein business Mosa Meat has raised another US$10m to complete an $85m series B investment round.
The company, which creates meat products in a lab from animal cells but has yet to launch products on the market, revealed the latest backers were new and existing investors, including Nutreco, an animal nutrition and aquafeed specialist, and Jitse Groen, CEO of Just Eat Takeaway.com.
In December, Mosa announced it had raised $20m in an extension to the Series B round in September, when it secured the initial $55m. The company counts Switzerland-based meat processor Bell Food Group as an investor.
Mosa, which developed the world’s first lab-cultivated beef hamburger back in 2013, said the funding will help it scale up production.
More specifically, the company will use the funds to extend a current pilot production facility at its home in Maastricht, develop an industrial-sized production line and expand its team.
CEO Maarten Bosch said: “The closing of series B funding brings us one step closer to our mission to develop a cleaner, kinder way of making real beef. Our partners bring immense strategic capabilities and expertise, and share our strong commitment to increasing the sustainability of our global food system.”
Nutreco CEO Rob Koremans said: "Nutreco is invested in its mission of feeding the future, which will require protein production from traditional and alternative-protein production methods. Our partnership in Mosa Meat is an important part of our strategy to help to meet the growing demand for high-quality protein."
The funding round in December was led by Luxembourg-based food technology fund Blue Horizon Ventures. Japan's Mitsubishi Corp. was among the other investors.
The company has yet to announce a date when it plans to launch products to consumers.