Financial investments in the cultured meat sector.

Hype or real opportunity?

State of the art

Cultured meat (in-vitro meat, lab-meat, clean meat) is developed in bioreactors, taking just a few cells (biopsy) from a living animal and multiplying them under sterile conditions in order to obtain the final product – minced meat, filet, steak, etc. Pioneered by the Dutch university professor Mark Post in 2013, the idea soon speeded all over the word. Currently, there are research centers and companies active in this field on every continent, each competing for market share and trying to come up with a scalable product.

Mathematical models and financial analysts predict that the cultured meat market has the potential to grow by US$200.21 million during 2020-2024 (TechNavio 2019), reaching US$593 million by 2032 (Markets and Markets 2019). Futurists dare to push the envelope and predict the total collapse of the cattle industry by 2030 (Tubb and Seba 2019).

More conservative opinions predict that these trends will coexist for a while. As soon as cultured meat is produced on a larger scale, at a lower cost, and with improved nutritional content, traditional meat might become an exclusive and exquisite treat in high-end restaurants.

Cultured Meat, an attractive investment

Investor interest has been rising dramatically over the last four years, ranging from investments of less than US$20 million in 2016 to over US$160 million in 2020 (Swartz 2019). The US is the country with the highest investments, mainly due to Memphis Meat’s most recent fundraising, which surpassed US$160 million. Despite its small size, Israel has managed to secure over US$37 million in investments.

Most of the investments are in an early financing stage (seed phase), raising funds of up to US$2 million and aiming to cover their research and product development expenses.

Only six companies among those that chose to disclose their financial status are in the Series A funding rounds, securing up to US$10-15 million in exchange for equity, while only one company works towards a scalable business trying to market their products on a larger scale through Series B financing (average estimated capital raised of US$32 million).

…In conclusion

Some cultured meat start-ups are financially supported by established companies, usually in a similar or tangential industry. For example, in its Series B funding round, Memphis Meat raised money both from venture capital companies, public persons (Richard Branson, Bill Gates, Kimbal Musk), but also from the food giant Cargill. Investing in cultured meat might prove useful for traditional meat producers as a back-up solution for situations such as the current COVID pandemic.

As every emerging niche, cultured meat has both high potential as well as drawbacks. The current development phase of the industry is still relatively far away from the promised benefits. Problems such as consumer perception, scalability, energy consumption, taste, and appearance still need to be addressed.

The Supertrends Report on Cultured Meat, which we are currently preparing, will address in greater depth the current financial landscape and future opportunities that cultured meat presents as an investment. For more information on the report, click here.

List of Companies in the Sector

Name of the CompanyLocationCategoryOperative StatusFunding StageSmall Scale TimelineFirst Commercial Product
Aleph FarmsIsraelMeatTastingEarly Stage Venture2019No Data
Appleton MeatsCanadaMeatActiveResearch Phase2022–2024Beef for Hamburgers
Avent MeatsHong KongMeatTastingSeed2021–2022Fish maw / Fish
Balletic FoodsUSMeatActiveSeedNo DataNo Data
Because AnimalsUSMeat for PetsActiveSeed2019Cultured Meat for Pets
BiftekTurkeyMeatActivePrivateNo DataNo Data
Bio.Tech.FoodsEuropeMeatActiveEarly Stage VentureNo DataCultured Meat for other Applications
BiocellionUSTechActivePrivateNo DataNo Data
Biofood SystemsIsraelMeatActivePrivateNo DataNo Data
BlueNaluUSMeatActiveCorporate Round2021Fish & Seafood
Bond Pet FoodsEuropeMeat for PetsActiveSeedQ4 2020Meat for Pets
Cell Farm / Granja CelularSouth AmericaMeatActiveSeedNo DataNo Data
Clear MeatIndiaMeatActive Unknown2022Chicken
Cubiq FoodsEuropeFatTastingUndisclosed2021Fat
Finless FoodsUSMeatTastingSeed2019Fish and Seafood
Future FieldsCanadaGrowth Media / MeatActiveUndisclosedGrowth Media AvailableGrowth Media / Chicken Meat
Future Meat TechnologiesIsraelMeat, FatActiveEarly Stage Venture2021 – HybridFat / Chicken and Beef
GeltorUSProteins, CollagenNo DataEarly Stage VentureNo DataCollagen
HeurosAustraliaMeatNo DataNo DataNo DataNo Data
Higher SteaksUKMeatActiveNon-Equity Assistance2021Pork Sausage and Mince
Innocent MeatEuropeMeatActivePrivateNo DataNo Data
IntegriCultureJapanMeat / TechActiveSeed2021Foie Gras
Just, Inc.USMeatTastingLate Stage Venture2018Chicken Nuggets
LabFarm FoodsEUMeatActivePrivateNo DataNo Data
Luyef BiotechnologiesSouth AmericaNo DataNo DataNo DataNo DataNo Data
Matrix MeatsUSScaffoldsNo DataNo DataNo DataNo Data
MeatableEuropeMeat / TechActiveSeedEarly 2022Pork
Memphis MeatUSMeatActiveEarly Stage Venture2022Chicken
Mission BarnsUSMeat / FatTasting (Fat)Seed2018 (Fat)Duck, Chicken and Pork
Modern MeadowUSMeatTastingLate Stage Venture2015Meat / Leather
Mosa MeatEuropeMeatActiveEarly Stage Venture2022Beef
Multus MediaUKCulture MediaNo DataNo DataNo DataCulture Media
New Age MeatsUSMeatTastingSeedNo DataPork
Peace of MeatEuropeMeatActiveSeed2023Rhino Horn
PembientUSRhino HornActiveSeedNo DataRhino Horn
Shiok MeatsSingaporeMeatTastingSeed2021Shrimps
SuperMeatIsraelMeat / TechActiveSeed2021Chicken
TurtleTree LabsSingaporeMilkActiveSeedQ3/Q4 2021Human Milk
VOWAustraliaMeatTastingUnkown2022Kangaroo Meat
Wild TypeUSMeatTastingEarly Stage Venture2019Minced Salmon

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