CULT Food Science Corp (CSE:CULT, OTCQB:CULTF) said it has entered into a partnership with LYTA Ventures to support the development of early-stage cellular agriculture companies in LYTA Ventures’ studio model across North America.
The company said the exceptionally high barrier to entry for new companies pursuing cellular agriculture makes the venture studio model ideal for accelerating the development of critical new technologies.
It said companies launched through a venture studio approach reach a Series A capital raise twice as fast as non-venture studio startups and are 1.5 times more successful, with an average rate of return of 53%.
In exchange for its partnership and involvement, CULT will receive management fee revenue and equity ownership in start-ups launched by the studio.
“Cellular agriculture is one of the few high potential options we have to address the impact of food production on climate change, as well as enabling new ways to grow and experience food that has never been possible before,” said Lejjy Gafour, CEO of CULT in a statement.
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