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Daily news and analysis about the food tech revolution

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Cultured Meat Startup Meatable Raises $47 Million Series A

Dutch cultured meat startup Meatable announced today that it has raised a $47 million Series A round of funding. Investors include Dr. Rick Klausner, Section 32, Dr. Jeffrey Leiden, and DSM Venturing, with participation from existing investors including BlueYard Capital, Agronomics, Humboldt, and Taavet Hinrikus. This brings Meatable’s total funding raised so far to $60 million.

Founded in 2018, Meatable’s technology allows it to grow meat from a single cell quickly, without the need for the controversial fetal bovine serum. As we wrote back in 2019:

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.

All that speed comes at a cost, however. Meatable told TechCrunch that its meat currently costs $10,000 per pound. Obviously a price that high is untenable, but thankfully, there are a number of startups around the world working to bring the price of cultured meat down through various methods. In Israel, Future Meat announced this year that it has brought the price of its chicken down to $7.50 per quarter pound, a big milestone in the industry. If current industry predictions hold true, cultured meat could reach price parity with animal meat in five years.

Meatable’s funding continues the funding hot streak for cultured meat startups in 2021. Other cultured meat companies that have received funding rounds so far this year include BlueNalu, CellulaREvolution, and fellow Dutch startup Mosa Meat.

Meatable says that it will use its new funds to advance small scale production at the Biotech Campus Delft and diversify its product lineup.

Meatable Raises $10M to Develop Cultivated Pork Prototype

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.

Meatable Claims to Hold the Key to Scalable Cultured Meat In a Single Cell

Meatable, a new startup creating cell-based meat, claims it will be able to change the world with a single cell. It’s a tagline, sure, but it might also be true. The Netherlands-based company works with pluripotent cells to create cultured meat quickly and without a need for fetal bovine serum (FBS).

They’re not the only ones who believe in their potential. Last month the startup, which was founded in early 2018, raised a $3.5 million seed round led by BlueYard Capital, with participation from Atlantic Food Labs, Backed VC, and angel investors.

Pluripotent stem cells are superior to other stem cells (which cultured meat companies have been using up until now) for two reasons: versatility and speed.

A muscle stem cell can only ever proliferate to create muscle, and a fat stem cell can only be fat. Pluripotent cells, however, can transform into whatever type of cell the scientist chooses. “They’re very malleable, with a high proliferation capacity,” Meatable CTO Daan Luining explained to me over the phone. “Like a blank slate.” Before Meatable, Luining cut his teeth with Dr. Mark Post, creator the first cultured burger, and spent time at New Harvest, an NGO which finances research into cell-based meat.

Pluripotent cells also divide 2 to 2.5 times faster than non-pluripotent cells, proliferating to create a burger-sized amount of meat in just three weeks. “You have to wait three years to raise a cow,” said Luining.

Significantly, Pluripotent cells require minimal animal intervention. Instead of gathering a tissue sample from a living animal, which is what most cultured meat companies are doing, Meatable scientists collect blood from the clipped umbilical cord of a just-birthed calf then filter it to harvest the special cells.

Perhaps most importantly, they don’t rely on fetal bovine serum (FBS), the controversial media many startups making cell-based meat take from the necks of baby cows in slaughterhouses and use to grow their product. But FBS is expensive and, well, requires animals to be killed. “FBS defeats the purpose of cell-based meat,” said Meatable CEO Krijn De Nood.

The independence from FBS alone would be enough of a reason to get jazzed about pluripotent cells. Add in their speed and agility, however, and they’re Meatable’s ticket to culture meat a lot quicker than their competitors in a completely non-invasive, animal-free way. And make it cheaper, to boot.

Meatable CTO Daan Luining, left; CEO Krijn De Nood, middle; Ruud Out, who runs Meatable lab in Leiden, right.

So why don’t all cultured meat companies take advantage of these miracle cells, you might ask? Up until now, pluripotent cells were difficult to control. However, recently Dr. Mark Kotter, a scientist at the University of Cambridge, collaborated with Dr. Roger Pedersenat of Stanford University to develop a technology which can better manage the cells and dictate their growth. Luining told me that Meatable has an exclusive license to use this tech in cell-based meat production, which should theoretically give them a leg up on the competition.

But first, they’ll have to debut the cells in a taste test. Meatable is currently focusing on beef, but they hope to rapidly expand into pork, poultry, and even liver, for ethical foie gras. They expect to present their first burger to the public in three years, by which time they’ll already have a production process in place so they can quickly scale. Commercial sales are probably five years down the road.

This timeline puts them behind other cell-based meat companies. Memphis Meat and Mosa Meat have stated that they will bring cultured meat fully to market by 2021, and Just Inc. claims it will make the first sale of cell-based meat by the end of this year. But Meatable isn’t necessarily in a rush. “We’re not necessarily going for first; we’re going for best,” Luining told me.

Their timing might actually be an advantage. When cell-based meat products first come to market, it will no doubt take time for consumers to warm up to the idea of chowing down on a hamburger grown in a lab. By the time there’s a hungry demand for cultured meat, Meatable will be there — with cheap, scalable beef — to meet it.

“Eventually, people will choose a product that tastes the best and is the cheapest,” said Luining. “We will have the edge there.”