Dutch lab-grown meat startup Meatable has raised $47m to scale up its early production and diversify its product offering.
The company has now raised $60m so far after the latest Series A funding round and will use the funds to advance small-scale production at the Biotech Campus Delft in the Netherlands and to diversify its product portfolio beyond pork.
It showcased its first pork product in 2020 and is currently focused on the further development of cultivated pork and beef.
Meatable said its technology is adaptable to any cell-based species, including cows, pigs, sheep, and fish, “giving the company great opportunity for further product development”.
Meatable seeks to replicates the natural process of fat and muscle growth, in proportions that emulate traditional cuts of meat, with the entire process taking only weeks to produce a finished product.
The consortium backing the latest funding round consists of Dr Rick Klausner, Section 32, Dr Jeffrey Leiden, and DSM Venturing, and includes existing investors, such as BlueYard Capital, Agronomics, Humboldt, and Taavet Hinrikus.
The company said its investors “recognise the positive impact cultivated meat will have on climate change, see the trillion-dollar potential of the cultivated meat marketplace, and are betting on Meatable to solve the industry’s scalability and speed-to-market challenges with its patented technology”.
Klausner, a former director of the US National Cancer Institute and former executive director of Global Health at the Bill & Melinda Gates Foundation, commented: “We are committed to joining Meatable in its mission to address the world’s most pressing challenges. 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 CEO and co-founder Krijn de Nood said: “To be able to meet the growing demand for meat worldwide, we need breakthrough solutions. Cultivated meat has the potential to continue to produce the product we love – meat – using a much more efficient production process.”
“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.”