- Dutch cultivated meat startup Meatable has raised $35 million in a series B round led by Agronomics, taking its total funding to $95 million as it gears up to launch pork sausages and dumplings in Singapore next year.
- The round includes $17 million from Dutch impact fund Invest-NL, a new investor, and drew renewed support from existing investors including BlueYard, Bridford Group, Milky Way Ventures, DSM Venturing and Taavet Hinrikus (chairman and founder of cross-border payments firm Wise).
- The capital injection represents a “huge sign of confidence in the incredible quality, taste, and proven scalability of our product, especially in the current investment climate,” claimed the company.
- Founded by Daan Luining, Krijn de Nood, and Dr. Mark Kotter in 2018, Meatable now has a team of 100.
‘There’s no doubt that it’s been more challenging to raise capital in the current climate’
One of the best-funded players in the cultivated meat space, Meatable has a pilot facility in Delft and hopes to launch at a small scale in Singapore in 2024 and in the US in 2025 with hybrid products containing a mix of cultivated- and plant-based meat.
Cofounder and CEO Krijn de Nood told AgFunderNews: “There’s no doubt that it’s been more challenging to raise capital in the current climate. We are however thrilled to bring on a strong new investor and are proud of the continued confidence our existing investors have in us. This new funding allows us to continue to work towards our vision and take the next steps to scale up further and accelerate commercial launch.”
Meatable hosted tastings in Singapore earlier this year following approval from the Singapore Food Agency and is producing products there with contract manufacturer Esco Aster, which also works with GOOD Meat. It is now co-developing its product range with plant-based butcher Love Handle, said de Nood.
“Starting in Singapore, we are working towards having our products, including sausages and pork dumplings, available in restaurants in 2024 and available in retail in 2025. We are also in the process of establishing a presence in the United States and starting production on the ground, pending regulatory approvals and we are already in contact with the FDA and USDA on this matter.”
The funding will be “used to further scale our processes and accelerate our commercial launch,” he added. “This includes scaling Meatable’s highly efficient technology to commercial volumes and further reducing production costs to reach cost competitiveness with traditional meat.”
“We are genuinely excited about the pioneering endeavors undertaken by Meatable. Cultured meat has the potential to deliver unrivaled impact in terms of animal welfare, CO2 equivalent emission reduction, water use, land use and antibiotics abatement. The breakthroughs achieved by Meatable have convinced us that they possess the know-how and team to make this potential a reality.” Bastiaan Gielink, senior investment manager, Invest-NL
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