Today cultured meat startup Meatable announced it had raised an additional $10 million in seed funding. The capital came from existing investors including BlueYard Capital, as well as angel investors and the European Commission. This brings Meatable’s total funding to $13 million.
According to the press announcement, the Dutch startup will use its new capital to reach its goal of unveiling its first cultivated pork prototype in the summer of 2020.
So far 2019 has been a boom year for cell-based meat and seafood funding. Shiok Meat raised $5.3 million over two funding rounds, Future Meat secured $14 million, and Wild Type closed a $12.5 million Series A, to name a few fundraises of note.
In the growing crowd of cultured meat companies, Meatable hopes to differentiate itself with speed and versatility. Founded in 2018, the company has been developing a technology that will let it grow meat from a single cell quickly, and without the need for controversial (and expensive) Fetal Bovine Serum.
They do this by using pluripotent stem cells, which can proliferate faster than regular stem cells and are malleable, meaning they can be coaxed to turn into any type of animal cell (muscle, fat, etc). Meatable claims that with its unique technology it can make large batches of animal tissue cells in a matter of days to weeks, whereas most companies need months. The startup has an exclusive license to use their pluripotent cell-based technology, which could give them an advantage in the race to bring tasty, affordable cultured meat to market.
It seems they’re going to reach that goal faster than expected. When I spoke to Meatable’s co-founders last October they told me they were hoping to debut a prototype in three years. With a new release date of next summer, clearly things have accelerated — likely in part thanks to their substantial new funding.