South Korea-based cultivated seafood company CellMEAT has raised 17.4 billion KRW ($13 million) in Series A funding.
The round was led by previous investors BNK Venture Investment, Ryukyung PSG Asset Management, and Strong Ventures. Three new investors — NH Venture Investment, Genting Ventures, and Daewoodang Healthcare — also participated.
It comes as CellMEAT prepares to officially open a mass production center in Seoul later this month, after developing cell culture technology that makes large-scale production economically viable. The company is notable for being one of the first worldwide to develop a serum-free cell culture medium, helping to bring down the cost of production while removing the ethical issues associated with fetal bovine serum.
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