Dutch lab-grown meat company Meatable said it has raised a further $35 million (€31.8 million) in funding, highlighting growth in a sector that aims to tap into consumers' concerns about protecting the environment and animal welfare.
Meatable said the new funds would finance its expansion, as the company envisages making its sausages and pork dumplings available in restaurants from 2024 onwards.
The company has commenced production in Singapore, which in 2020 became the first country in the world to approve the sale of lab-grown meat.
Several startups have developed the technology to grow meat from harvested animal cells, although they face high costs.
Less Environmental Impact
Such companies say producing meat in a laboratory has less impact on the environment than traditional farming, and they highlight how their products do not involve the slaughter of animals, which could therefore appeal to vegans or vegetarians.
Meatable's latest funding round was led by Agronomics Limited ANIC.L, while Dutch firm Invest-NL contributed $17 million (€15.5 million). Meatable said it had now raised a total of $95 million (€86.4 million).
"We're thrilled to welcome Invest-NL as a new investor and to have the renewed support from our existing investors," said Meatable CEO Krijn de Nood.
In June, U.S. regulators gave clearance for two companies - Upside Foods and Good Meat - to sell lab-grown meat.
Investors and major food companies have told Reuters that this could see more money going into cell-cultivated meat companies, while adding that the sector must still scale up and cut costs to seriously challenge traditional meat products.