NEW TECH FOODS

Singapore-based cell-based meat company Meatiply has secured $3.75 million in the first close of its seed funding round. 

The funding will help Meatiply expand its R&D capabilities and scale-up production of its cell-based meat, for more extensive product co-development with commercial partners. A new facility is expected in 2024, two years ahead of its targeted commercial launch in 2026. 

Meatiply’s co-founder and CEO Elwin Tan said: “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.” 

The round was co-led by existing investor Wavemaker Partners and AgFunder, with participation from Seeds Capital, the venture investment arm of Enterprise Singapore. 

Paul Santos, managing partner at Wavemaker Partners, commented: “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.” 

Jason Chua, co-founder and chief scientific officer at Meatiply, added: “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.” 

A second close is scheduled to take place in Q1 2024. 

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