Dutch lab-grown meat firm Meatable raises further $35 million
07/08/2023 23:01
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Agronomics Ltd and Invest-NL involved in fundraising
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Meatable says it has now raised a total of $95 million
By Sudip Kar-Gupta
BRUSSELS, Aug 8 (Reuters) - Dutch lab-grown meat company
Meatable said it had raised a further $35 million in funding,
highlighting growth in the sector which aims to tap into
consumers' concerns about protecting the environment and animal
welfare.
Meatable said the new funds would finance its expansion, as
the company envisages making its sausages and pork dumplings
available in restaurants from 2024 onwards. The company has
started production in Singapore, which in 2020 became the first
country in the world to approve the sale of lab-grown meat.
Several startups have developed the technology to grow meat
from harvested animal cells, although they face high costs.
Such companies say producing meat in a laboratory has less
impact on the environment than traditional farming, and they
highlight how their products do not involve the slaughter of
animals, which could therefore appeal to vegans or vegetarians.
Meatable's latest funding round was led by Agronomics
Limited ANIC.L , while Dutch firm Invest-NL contributed $17
million. Meatable said it had now raised a total of $95 million.
"We're thrilled to welcome Invest-NL as a new investor and
to have the renewed support from our existing investors," said
Meatable CEO Krijn de Nood.
In June, U.S. regulators gave clearance for two companies -
Upside Foods and Good Meat - to sell lab-grown meat.
Investors and major food companies have told Reuters that
this could see more money going into cell-cultivated meat
companies, while adding that the sector must still scale up and
cut costs to seriously challenge traditional meat products.
(Reporting by Sudip Kar-Gupta; editing by Christina Fincher)
((sudip.kargupta@thomsonreuters.com;))