AMSTERDAM – Cultivated meat startup, Meatable, closed $47 million in its Series A funding round. The round brings the Dutch company’s total funding to $60 million. Meatable intends to use the new funds to advance small-scale production at its Biotech campus in Delft to diversify its product portfolio with beef.
The consortium consists of Rick Klausner, MD; Section 32; Jeffrey Leiden, MD and PhD; DSM Venturing; and includes existing investors, such as BlueYard Capital, Agronomics, Humboldt, and Taavet Hinrikus. The investors believe in the positive impact cultivated meat might have on climate change, see a cultivated meat marketplace with the potential to be worth trillions of dollars and are betting on Meatable to solve the industry’s scalability and speed-to-market challenges with its patented opti-ox technology.
“We are committed to joining Meatable in its mission to address the world’s most pressing challenges,” said Klausner, former director of the US National Cancer Institute and former executive director of Global Health at the Bill & Melinda Gates Foundation. “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 its proprietary platform technology replicates the natural process of fat and muscle growth, in proportions that emulate traditional cuts of meat and is a fundamentally more cost effective and scalable production process. Once fully developed, the company expects it to take only weeks to produce meat.
“To be able to meet the growing demand for meat worldwide, we need breakthrough solutions,” said Krijn de Nood, chief executive officer and co-founder of Meatable. “Cultivated meat has the potential to continue to produce the product we love – meat – using a much more efficient production process. Having Rick Klausner, Jeffrey Leiden, Section 32 and DSM Venturing support us in realizing that potential is a huge step for Meatable. We are honored 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.”
Meatable’s goal to produce cultivated meat without animal slaughter aims to lower greenhouse gas emissions and significantly reduce the use of land and water for production. In 2020, it completed its first pork showcase product and is currently focused on the further development of cultivated pork and beef. Meatable developed its technology with the ability to adapt to any cell-based species, including cows, pigs, sheep and fish, giving the company an opportunity for future product development.