Cultivated meat startup Meatiply secures US$3.8 million seed funding at first close
Michelle Zhu
SINGAPORE-BASED Meatiply has secured some US$3.8 million in the first close of its seed funding round co-led by its existing investor Wavemaker Partners and US venture capital firm AgFunder.
A second close is scheduled to take place in the first quarter of 2024.
On Thursday (Dec 7), the cultivated meat company said its latest seed round also saw participation from Seeds Capital, the venture investment arm of government agency Enterprise Singapore.
“Despite a more cautious investment approach this year, investors were excited by our development strategy,” said Meatiply chief executive, Dr Elwin Tan.
The company also said it is one of the few cultivated meat startups to attract seed funding this year.
Meatiply intends to use its fresh funds to expand its research and development (R&D) capabilities, as well as scale up production for more extensive product co-development with its commercial partners.
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The company expects to commence a new facility in 2024, which is two years ahead of its targeted commercial launch in 2026.
“(The new facility) will position us to launch a product within an unprecedented five-year timeframe since our founding,” added chief operations officer Dr Benjamin Chua.
Dr Tan and Dr Chua co-founded the company in 2021 with Dr Jason Chua and Professor Teh Bin Tean. All four co-founders were researchers at the Agency for Science, Technology and Research (A*Star) prior to establishing Meatiply.
The company focuses on producing complex, value-added compounds using cells which allow for the creation of cultivated meat products with added health benefits.
This strategic point will give consumers more reasons to embrace cultivated technologies, said Dr Chua.
“Besides meat, we are also positioned for opportunities to commercialise in the nutraceutical and wellness market.”
Since securing US$1 million in pre-seed round funding in early 2022, the company has showcased three advanced cultivated meat technology prototypes across three different species – including what the company refers to as Asia’s first cultivated smoked duck breast.
Both mature fat and muscle cells were incorporated from the prototypes’ respective species.
Said Wavemaker Partners managing partner Paul Santos: “While the challenge of meeting product launch deadlines persists for many companies, the Meatiply team has demonstrated the ability to achieve meaningful results within shorter timeframes and with considerably less funding.”
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