Amsterdam-based startup Meatable announces it has secured a further US$ 10 million in seed funding to develop its pork prototype, bringing its total investment to $13 million. The cultured meat company says that with new technology it will be able to cultivate its product at scale and should be ready to launch in summer of 2020.
The recent investment arrives primarily from pre-existing investors and with participation from Taavet Hinrikus, founding CEO of TransferWise, and Albert Wenger, of Union Square Ventures. Meatable founder Krijn de Nood says that a portion of the funds were provided by the European Commission through its Eurostars Programme, which indicates to him that the EU is now seriously acknowledging the potential of cultured meat in addressing climate change.
de Nood stated, “We’re excited to announce this new funding, which will enable us to expand our scaling and cost reduction teams. No one should have to give up the meat they love – there is a way to satisfy the world’s appetite for meat without harming people, animals or the planet.
“The new funds will enable us to make significant strides toward fulfilling our mission, as they will be instrumental as for expanding our cost-reduction and scaling teams. They will enable us to accelerate the development of our beef and pork cells and, importantly, our process for forming whole cuts of meat. We expect to unveil our first prototype this summer.”