Meatable, a pioneering food tech company, has secured an impressive $35 million in new funding, bringing their total funding to a remarkable $95 million. This round of investment was led by Agronomics, with the addition of Invest-NL, a Dutch impact fund, as a new investor. Notably, existing investors such as BlueYard, Bridford, MilkyWay, DSM Venturing, and Taavet Hinrikus also contributed significantly to the funding. The capital infusion will be utilized to amplify Meatable's operational capabilities and expedite the commercial launch of its cultivated meat products.
The company's focus on scaling its processes and refining its operations aims to reduce production costs, ultimately achieving cost competitiveness with conventional meat production. Meatable's strategy centers on making its products accessible and affordable, thereby accelerating the adoption of sustainable alternatives to traditional meat. Meatable is embarking on its market launch in Singapore, with plans to introduce its products in selected restaurants and retailers starting in 2024. Simultaneously, the company is actively advancing its expansion into the United States and beyond, fueled by recent regulatory advancements.
Krijn de Nood, CEO and co-founder of Meatable, expressed his excitement about the new investment and the continued support from existing investors. He highlighted the alignment of regulatory progress and sustained investments as a testament to the growing momentum within the cultivated meat industry. De Nood emphasized the company's dedication to delivering top-notch quality and taste while achieving scalability on a global level.
Meatable's innovative approach to cultivated meat involves taking a single sample of animal cells, ensuring no harm to the animal, and using patented opti-ox™ technology in conjunction with pluripotent stem cells. This methodology replicates the natural growth process of cells, enabling Meatable to produce authentic muscle and fat cells within a mere eight days. Such efficiency will enable the company to rapidly scale up cultivated meat production, making it both accessible and affordable for consumers.
As Meatable continues to make significant strides in the cultivated meat landscape, this infusion of funding further solidifies its position as an industry leader. The company's commitment to sustainable and ethical alternatives in the food industry is gaining recognition and support from investors, consumers, and regulatory bodies alike.