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CULT Food Science (CSE: CULT), an investment platform focused on cellular agriculture, announces it has signed a binding Letter of Intent (LOI) to acquire the consumer brands and formulations of Because, Animals Inc., a cultivated and plant-based pet food company.
According to CULT, the acquisition will join its internally developed pet food brands to form the company’s new Pet Food Division. This Division aims to develop and commercialize cultivated pet food products in collaboration with its portfolio companies, and will position CULT for direct-to-consumer and national retail sales.
“We can reimagine our entire food system, starting with what we put under our dogs’ and cats’ noses every day”
Through the transaction, CULT states it will acquire Because, Animal’s consumer brand assets, related patents, non-scientific intellectual property, and product formulations.
Because, Animals’ original co-founder Joshua Errett, who joined CULT as vice president of development in 2022, will continue to work on the development and commercialization of the Because Animals’ consumer brand business under a different name within CULT Food Science. The startup will also continue to innovate in the pet food industry separately from CULT.
“Eliminating factory-farmed meats in the foods we feed our companion animals will have wide-ranging effects on our society, with ripples through our food chain, economy and of course environment,” said Errett. “We can reimagine our entire food system, starting with what we put under our dogs’ and cats’ noses every day. I am personally devoted to this cause, as today’s announcement makes clear. I’m looking forward to continuing my important work on this amazing brand.”
Remaking pet food
Founded in 2018, Because, Animals launched to grow cultivated meat specifically for the pet food industry. Its first cultivated products, yet to be released, include cultured mouse meat for cats and cultured rabbit treats for dogs. The company also sells a line of plant-based pet treats and nutrition supplements. To date, Because, Animals has raised $6.7M in seed funding.
Entering pet food market
Headquartered in Canada, CULT’s global portfolio of cultivated companies includes Ohayo Valley, Umami Meats, and Novel Foods. Earlier this month, investor Marc Lustig acquired 15% of the company, becoming its largest individual shareholder.
CULT says the acquisition of Because, Animals will support its mission to make cell-based products a part of consumers’ everyday lives.
“Pet foods have a complex relationship with agriculture and climate,” said Lejjy Gafour, CEO of CULT. ”Common pet foods are often produced using animal meats that are deemed not suitable for human consumption. Or, are leveraging inputs that are going to become more scarce in the future due to climate change in the case of particular kinds of fish.”
He continued,” At the same time, some of our pets can struggle to reach their nutritional needs if you seek to cut out every animal product out of their diets. Cultivated products using cellular agriculture and precision fermentation is one of the only solutions that can create a sustainable and nutritious future for our pets as well. They are part of our everyday lives, and deserve sustainable and healthy options for food as much as we do.”