Singapore’s Cellivate Technologies, a deep-tech startup developing cell-based solutions for cultivated meat, leather, and cruelty-free cosmetics, has emerged as the top winner of Channel News Asia’s (CNA) business reality show, The Big Spark.
After competing with two dozen regional startups, Cellivate Technologies will potentially receive SGD 4.15 million (around $3.3 million) in funding from five venture capital companies, including Singapore’s Antler and Rigel-Farro Capital, which according to CNA, will support the cell ag startup with SGD 3.3 million.
At The Big Spark, CEO and founder Dr. Viknish Krishnan-Kutty highlighted the topic of ethical meat consumption via plant-based and cell-based solutions. He said the funds would expand R&D, production capabilities, and the company’s team, adding a commercial unit for business growth.
The problem of capital for cell ag
Dr. Krishnan-Kutty founded Cellivate Technologies in 2019 as a spin-off from the National University of Singapore to reduce animal slaughter by using cells to create animal-free products.
Initially, the startup focused on FBS-free media, microcarriers, and plates for cultivated meat companies. But gradually it expanded to cosmetics (skincare) and cultivated leather, through the startup ProjectEx, founded with Adrian Fürstenburg, an award-winning South African designer.
“Our team has been bootstrapping and we were so close to giving up on what we are doing”
As high production costs, scaling issues, and consumer skepticism remain significant hurdles for the cultivated meat industry, investor interest in the technology is declining despite the initial excitement of 2021 and 2022. Industry experts expect a shakeout that could involve consolidation amongst key players, such as the US startup SCiFi Foods, which recently ceased operations after facing funding obstacles.
“This experience of being on the show has been incredible. The company’s funding situation was very bad last year. Our team has been bootstrapping and we were so close to giving up on what we are doing,” Dr. Viknish said to CNA.
Singapore and novel foods
However, unlike other countries, Singapore’s regulatory environment for novel foods fast-tracks applications for cultivated meat. The approvals for the US company GOOD Meat and Australia’s Vow and strong government backing have attracted several firms, including Meatable, Aleph Farms, Vital Meat, and China’s Avant Meats.
Currently, Singapore is the only country where cultivated meat can be purchased in a retail store at Huber’s Butchery. Meanwhile, other nations, such as Israel, China, South Korea, India, the UK, and the Netherlands, are also making strides in regulating and investing in cultivated meat.
Dr. Viknish added, “Winning The Big Spark has shown us that we are on the right track. The funds will also allow us to continue our work and take it to the next level.”
