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Mosa Meat, the Dutch food tech that pioneered the world’s first cell-based beef, has announced the third and final close of its Series B financing with an additional US$10 million, bringing the total to US$85 million. The round brings the startup “one step closer” to its ultimate goal of getting its cultivated beef to consumers’ plates.
Maastricht-based food tech Mosa Meat has brought its Series B total to US$85 million, after raising an additional US$10 million in a third and final tranche, the firm announced on Tuesday (February 23). The funds will help the startup extend its current pilot production facility, develop an industrial-scale plant, as well as expand its team with the view to begin introducing cultivated beef to consumers.
The latest round was led by existing investor Blue Horizon Ventures, the food tech fund based in Luxembourg, with notable participation from Dutch aquafeed giant Nutreco and Jitse Groen, the billionaire businessman who founded food delivery platform Takeaway, which merged with Just Eat in 2020. It comes after the startup’s second closing in December 2020, and the first US$55 million close in September 2020.
The closing of Series B funding brings us one step closer to our mission to develop a cleaner, kinder way of making real beef.Maarten Bosch, CEO, Mosa Meat
“We are delighted to extend our collaboration with existing partners, and welcome new partners in this round. The closing of Series B funding brings us one step closer to our mission to develop a cleaner, kinder way of making real beef,” commented Maarten Bosch, CEO of Mosa Meat.
“Our partners bring immense strategic capabilities and expertise, and share our strong commitment to increasing the sustainability of our global food system,” Bosch continued.
Commenting on the decision to back the cultivated beef pioneer, Nutreco CEO Rob Koremans said that his company is “invested in its mission of feeding the future, which will require protein production from traditional and alternative protein production methods”.
Nutreco described its partnership with Mosa Meat as integral to its business strategy to meet global demand for crisis-resilient and sustainable proteins, especially in the wake of the coronavirus pandemic, which has exposed severe vulnerabilities in the global meat supply chain.
“I am delighted that Mosa Meat has reached its next milestone toward large scale production of real meat,” Koremans added.
While Mosa Meat has not set any specific timeline for commercialisation, its Series B funds will no doubt significantly help the company accelerate in this direction. It previously stated after the round’s second closing that it will begin working with regulators to achieve approval in the European market.
I am delighted that Mosa Meat has reached its next milestone toward large scale production of real meat.Rob Koremans, CEO, Nutreco
Since its founding in 2013, Mosa Meat has grown its team to more than 50 scientists and engineers, and has achieved a number of major milestones, including slashing the cost of its growth medium by 88-fold and removing fetal bovine serum (FBS) from the process to ensure a 100% animal-free and slaughter-free product.
All images courtesy of Mosa Meat.