Singapore-based cultivated meat company Meatiply has secured US$ 3.75M in the first close of its seed funding round.
Meatiply stands out in the nascent cultivated meat space through its unique approach to developing new products and addressing the needs of consumers. Its scientifically grounded approach utilises a combination of different cell types (muscle, fat, skin, etc.) to generate natural compounds responsible for the sensory and nutritional qualities of meat and meat products. Additionally, targeting the production of natural compounds with health benefits allows Meatiply to target the functional foods market.
The fresh funds will help Meatiply expand its research and development (R&D) capabilities and scale up production for more extensive product co-development with commercial partners, with a new facility expected to come online in 2024, two years ahead of a targeted commercial launch in 2026.
In a year where start-up funding has been shaken by macroeconomic forces, Meatiply is one of the few cultivated meat startups to attract seed funding this year.
“Despite a more cautious investment approach this year, investors were excited by our development strategy. Likewise, we are thrilled that our investors share our vision to leverage Meatiply’s strong upstream capabilities to create complex and functional products that not only justifies the use of animal cells, but also results in significant cost reductions,” said Meatiply Co-founder & Chief Executive Officer, Dr. Elwin Tan.
The round is co-led by existing investor Wavemaker Partners and AgFunder, with participation from SEEDS Capital, the venture investment arm of Enterprise Singapore.
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Read more“As deep tech investors, we believe that cultivated meat companies offer more robust and defensible business models compared to other alternative meat technologies. 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. Their achievements in developing hybrid structured poultry prototypes have particularly impressed us,” said Paul Santos, Managing Partner at Wavemaker Partners.
“Our existing food production systems are increasingly proving unsustainable. Despite being in the initial stages of reshaping this industry, it presents a substantial opportunity for entrepreneurs capable of truly disrupting it. We have confidence in the diverse backgrounds and technical skills of Meatiply’s founders, coupled with their unique technology, which positions them on a viable path to commercial success.”
“We’re highly impressed by what the Meatiply team has achieved in a short amount of time and with relatively limited external funding. We firmly believe there is a place for cultivated meat technology in our future food system, and are encouraged by Meatiply’s practical approach towards product development and go to market strategy. We look forward to a future where cultivated animal products are a commercially viable reality for the masses to enjoy, and are excited to be partnering Meatiply to make this happen,” John Friedman, AgFunder’s Asia Director, said.
Meatiply attributes its successes thus far to its stellar team as well as the innovation ecosystem in Singapore. Meatiply’s founders are stalwarts from the Institute of Molecular and Cell Biology, an institute of A*STAR, Singapore’s public sector scientific research agency, which boasts a strong network in the local research community.
“We are incredibly fortunate to be based in Singapore, where the numerous research and development grants, coupled with the presence of brilliant and purpose-driven individuals within the scientific and start-up ecosystems, have enabled us to establish a strong second-mover trajectory,” said Prof. Teh Bin Tean, Co-founder.
Meatiply is a frontrunner with its comprehensive approach towards cultivated meat product development. Armed with innovations across the cultivated meat value chain and a robust portfolio of cell types and species, it is poised to create functional meat products for consumers. Meatiply’s cells can produce ingredients for use in value-added conventional food production and plant-based products to form compelling hybrid products.
“Meatiply believes in maximising the potential of each cell type. Our focus on the production of complex value-added compounds using cells will allow us to create cultivated meat products with added health benefits. This strategic entry point will give consumers more reasons to embrace cultivated technologies. Besides meat, we are also positioned for opportunities to commercialise in the nutraceutical and wellness market,” Dr. Jason Chua, Co-founder and Chief Scientific Officer of Meatiply, said.
“In tandem with our fundraising efforts, we have been laying the groundwork for expansion, and our new facility is expected to go online in the first half of 2024. This will position us to launch a product within an unprecedented five-year timeframe since our founding,” said Dr. Benjamin Chua, Co- founder and Chief Operations Officer.
A second close is scheduled to take place in the first quarter of 2024; interested parties including investors and co-development partners are invited to contact Meatiply to learn more.
