Meatable, a Delft-based food tech company, announced on Tuesday that it has raised $35M (approximately €31M) in a new funding round, bringing the company’s total funding to $95M (approximately €86M)
The round was led by Agronomics and joined by new investor Invest-NL and existing investors BlueYard, Bridford, MilkyWay, DSM Venturing, and Taavet Hinrikus.
Dutch impact fund Invest-NL contributed $17M to the round.
Meatable says the infusion of funds will enable it to scale its processes, optimise production costs, and accelerate commercial launch, making cultivated meat cost competitive with traditional meat.
Starting in Singapore, the company’s products, including sausages and pork dumplings, will be available in selected restaurants and retailers from 2024.
Meatable was founded by Krijn de Nood (CEO), Daan Luining (CTO), and Dr. Mark Kotter (principal inventor of opti-ox™ technology).
In an interview with Silicon Canals, Krijn de Nood says, “I was a strategy consultant at McKinsey for many years, and after leaving my role and thinking about my next move, I decided I wanted to do something that would create real impact at scale. I landed upon doing something close to my heart: removing animals from the food chain by developing alternative proteins.”
Daan Luining has a background in cell molecular biology and tissue engineering, and was part of a team at Maastricht University that developed the world’s first lab-grown burger in 2003.
“We both recognised the need to deliver innovative solutions to help the world sustainably enjoy meat and quickly realised the potential to create an innovative food tech business that tackled some of the world’s most pressing challenges,” adds De Nood.
The inspiration behind Meatable
Meatable was born out of a commitment to address the escalating environmental impact of meat consumption.
As the global population grows, so does the demand for meat, resulting in significant resource depletion, carbon emissions, and antibiotic resistance.
Recognising the urgent need for sustainable solutions, Meatable aims to produce real meat without harming animals, people, or the planet.
“Pork is the most consumed meat in the world. Hence we started with developing pork products, but our technique easily applies to any meat. So far, our products include cultivated pork sausages and dumplings, but the possibilities are endless,” De Nood tells Silicon Canals.
First commercial launch
Meatable’s journey has been marked by significant milestones, paving the way for its recent funding success.
“We are launching our first commercial products in Singapore starting in 2024 and are partnering with the relevant authorities to secure regulatory approval. We have already successfully held our first external tasting events in Singapore in 2023, following approval from the Singapore Food Agency (SFA),” reveals De Nood.
Additionally, the company has partnered with Esco Aster, the first commercially licensed
cultivated meat manufacturer in Singapore, and embarked on a co-development project with plant-based butcher Love Handle.
Meatable’s Opti-ox and efficient production
Meatable’s innovative approach to cultivated meat production sets it apart from its competitors.
“To create our cultivated meat, we isolate a single animal cell and replicate its natural growth process using opti-ox technology in combination with pluripotent stem cells (PSCs). PSCs can multiply indefinitely without alteration, giving them an advantage over immortalised cell lines more commonly found in the cultivated meat industry,” explains De Nood.
By replicating the natural growth process of these cells, Meatable can produce real muscle and fat cells in just eight days. This is 30 times faster than traditional farming methods where rearing a pig for pork can take months.
The opti-ox technology, combined with Meatable’s continuous perfusion process, enables the company to achieve high cell densities and superior productivity, claims de Nood.
Meatable can generate approximately 80 million cells per millilitre, laying the foundation for affordable scalability.
Global expansion and regulatory landscape
To make a meaningful impact, cultivated meat must be widely accessible.
The Dutch company’s strategic plans extend beyond Singapore, with the United States being a key target market.
“The US recently gave its first approvals for cultivated meat sales to GOOD Meat and Upside Foods, which demonstrates the industry is evolving outside of Singapore. We are preparing to gain approvals in the US after Singapore and are already in contact with the relevant authorities,” adds De Nood.
Navigating regulatory differences and cultural preferences in each region presents unique challenges.
However, Meatable’s commitment to price parity with traditional meat and its focus on education and awareness will play a crucial role in consumer acceptance.
By partnering with local authorities and industry players, Meatable aims to establish a strong presence in each market and revolutionise how people consume meat.
Meatable’s unique positioning in cultivated meat sector
Meatable differentiates itself from other cultivated meat companies through its ability to produce cultivated meat of the highest quality in just eight days.
The speed and efficiency of their innovation enable Meatable to drive down costs and work towards producing meat at a competitive price point faster than most competitors.
Furthermore, Meatable’s reliance on opti-ox technology eliminates the need for foetal bovine serum (FBS), a by-product derived from cattle harvesting commonly used in the industry.
This commitment to ethical production aligns with Meatable’s mission to create meat without harm.
Challenges and future outlook
While Meatable has achieved significant milestones, challenges lie ahead.
“There have been so many moments – tasting our products for the first time, seeing our external partners taste them for the first time in Singapore this year. It’s been rewarding to build an incredible team of passionate, dedicated people who want to make a difference in the world, too,” De Nood adds.
“There are many challenges ahead of us – regulatory approvals, education, scaling, and resources. But we’re positive we have the team and the technology to tackle these challenges.
We have brilliant investors who support our decisions and provide advice to help us progress as a company,” says De Nood.
Meatable envisions a world where its revolutionary process transforms the way people eat meat. By saving millions of animal lives and offering meat that looks, tastes, and has the nutritional profile of traditional meat, Meatable aims to make cultivated meat accessible to all while prioritising animal welfare, human health, and environmental sustainability.
Read the orginal article: https://siliconcanals.com/news/startups/delft-based-meatable-bags-31m/