Mosa Meat announced today it has raised $10 million in a third and final closing of its Series B round, bringing the round’s total to $85 million. Nutreco and Just Eat Takeaway.com CEO Jitse Groen participated in the third closing, while the entire B round was led by Blue Horizon Ventures.
Netherlands-based Mosa Meat is credited with having created the world’s first lab-grown hamburger back in 2013 to the tune of $325,000 in production costs for that single burger. The company brought that number significantly down last year when it achieved an 80x reduction in the cost of their product’s growth medium, which is typically the most expensive part of the cell-based meat-making process. A big part of this reduced cost was removing the use of fetal bovine serum (FBS), the expensive and highly controversial growth medium from which many cell-based meat companies are now distancing themselves.
The funds from Mosa’s Series B round will go towards extending the company’s pilot production facility in Maastricht, Netherlands, as well as towards developing “an industrial-sized production line” and building out the Mosa Meat team.
The end goal, of course, is to get its meat products to customers. No date has yet been announced for that. Currently, the company is working with European regulators to demonstrate the safety of cell-based meat and get regulatory approval.
Mosa’s Series B round is the latest development in what has already been a busy year in the world of cell-based meat investments. In February alone, Israel’s Future Meat raised $26.75 million, New Age Meats extended its seed round by $2 million, and Redefine meat closed a $29 million Series A round.