Mosa Meat secures €40m for cultivated beef production expansion
In a significant advancement for sustainable food technology, Mosa Meat B.V., a leader in cultivated beef production, has successfully raised EUR 40 million in new capital. This funding aims to scale up production processes and prepare its innovative products for market entry. The round saw participation from heavyweight investors including Lowercarbon Capital LLC and M Ventures, part of the Merck Group, along with government-backed entities such as Invest-NL and InvestEU.
The oversubscribed funding round also attracted new investors from the conventional meat sector, including the PHW Group, one of Europe’s largest poultry producers. This strategic blend of support underscores a growing interest in cultivated meat as a viable solution to global food challenges. Mosa Meat, established following the creation of the world’s first cultivated beef hamburger in 2013, is positioning itself at the forefront of this burgeoning industry. With the opening of its fourth facility in November 2023, Mosa Meat has become the world’s largest cultured meat center, increasing its capacity to produce cow-free burgers.
Agronomics (LSE: ANIC), a key investor in Mosa Meat, contributed EUR 3.5 million to Mosa Meat’s Series B round in September 2020. Despite the new funding round, this has no immediate impact on the carrying value of Agronomics’ investment, which remains valued at approximately £3.1 million. Agronomics continues to hold an equity ownership of about 1.68% on a fully diluted basis.
The successful funding round is a testament to Mosa Meat’s pioneering role in the food industry and its potential to address critical issues such as climate change, biodiversity loss, and food insecurity. As the company prepares for the first formal tastings of its cultivated beef in The Netherlands later this year, the industry watches with anticipation. This innovative approach not only promises a cleaner, more ethical method of meat production but also aligns with growing consumer demand for sustainable dietary choices.
In the words of Jim Mellon, Co-Founder and Executive Director of Agronomics, “With a quarter of global greenhouse gas emissions in the food industry stemming from beef production alone, a long-term solution is essential. Today’s announcement reinforces our confidence in Mosa Meat’s technical and commercial expertise.” This development is poised to reshape the global food landscape, offering a complementary solution to traditional meat production that is better for people, animals, and the planet.
Headquartered in Maastricht, The Netherlands, Mosa Meat continues to lead in the cultivation of real beef from cow cells, a process that promises to fundamentally reshape the global food system. Agronomics, a leader in alternative proteins with a focus on cellular agriculture, supports over 20 companies in this rapidly advancing sector, playing a crucial role in promoting sustainable and ethical food production solutions worldwide.