Quotes from AgFunderNews, February 7, 2024
Over the past year, cultivated meat and seafood companies have faced significant challenges in their efforts to secure capital. Finless Foods, amid rumors of substantial cost-cutting measures, is striving to conserve cash. Meanwhile, New Age Eats has ceased operations due to depleted funds. Additionally, GOOD Meat finds itself embroiled in a legal battle with its bioreactor supplier over purportedly unpaid invoices. These developments underscore the financial hurdles encountered by companies in this burgeoning industry.
As AgFunder analyzes data for its upcoming annual global agrifoodtech investment report, initial findings indicate that funding for cultivated meat startups reached a pinnacle of $989 million in 2021. Subsequently, it experienced a minor decline, settling at $807 million in 2022 (with a boost from a $400 million round invested in UPSIDE Foods). However, in 2023, there was a sharp drop of 78%, bringing the funding down to $177 million. This decline occurred amidst an overall 50% reduction in agrifoodtech investments during the same year.
“In 2023, despite smaller funding rounds compared to 2022, investors made a substantial investment in Uncommon, a UK-based startup (previously known as Higher Steaks). Uncommon secured a $30 million series A round, led by Balderton Capital and Lowercarbon Capital. The startup aims to scale up cultivated pork production using patent-pending technology that accelerates the cell differentiation process, giving it a competitive advantage.”
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