Agronomics has invested €4 million as part of Meatable's €35 million Series B financing round. Agronomics first invested in Meatable in December 2019 and has since made additional investments. Agronomics now holds a 6.7% equity stake in Meatable. The funding round was co-led by Agronomics and New Agrarian, with participation from Invest-NL and existing investors. The funding will be used to scale Meatable's production processes and accelerate its commercial program in target markets. Meatable plans to launch its cultivated meat products in Singapore in 2024 and expand to the United States and Europe.
Meatable uses innovative technology to produce cultivated meat at scale. The company takes a sample of cells from an animal without harming it and replicates the natural growth process of the cells using its patented opti-ox™ technology combined with pluripotent stem cells. This allows Meatable to produce real muscle and fat cells in only eight days. Meatable aims to provide a genuine solution to the environmental impact of conventional meat production.
Meatable is launching its first commercial products in Singapore in 2024 and is working to secure regulatory approval. The company has already held external tasting events in Singapore and has started production of its products in partnership with Esco Aster Pye Ltd. Meatable is also expanding its operations into the United States and Europe. Recent regulatory developments have boosted confidence in the industry, with the USA approving two cultivated meat companies to start selling their products and the Netherlands allowing companies to organize tastings.
Jim Mellon, co-founder of Agronomics, commented on the investment, stating, "Meatable is one of the leading companies helping to transform the cultivated meat industry... The latest funding round will allow Meatable to scale up production in Singapore, and soon in the US, as it moves towards commercialization as part of its Go-to-Market strategy."