CellulaREvolution Edges Closer To Commercial Launch With New $2.38 Million Pre-Series A Investment Round
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CellulaREvolution has announced the closure of a new funding round. Having netted £1.75 million in a pre-Series A, the British biotech intends to accelerate the development of its continuous cell cultivation technology. This will be used to usher in cultivated meat as a viable and affordable product, within a reasonable timescale. Hong Kong-based Happiness Capital led the investment round, with Allusion One also participating.
New funding follows on from a seed investment round in January 2021 which saw £1.2 million raised. R&D continuation, plus a bolstered commercial team are top priorities for CellulaREvolution. The latter will provide support when in-house bioreactor technology is released to market. The tech will provide a potential solution to cultivated meat manufacturers who struggle to reach price parity with conventional products. It has biologics and cell therapeutics potential as well, allowing for future broad market share.
The big difference
CellulaREvolution creates cell culture systems. Unlike most of its peers, it avoids the batch production methodology and has focussed on cost-effective continuous alternatives. With lower cost outlays, the Newcastle-based biotech’s developments hold promise for the cultivated meat sector.
“I am delighted to announce the investment from Happiness Capital and Allusion One,” Leo Groenewegen, CEO of CellulaREvolution said in a statement. “We have been able to secure growth funding from very reputable investors and are now ready to accelerate the development of our products and our company at an increased pace. Looking forward we will be bringing our enabling technologies to market soon, doing our part to bring high quality and affordably cultured meat to consumer’s plate sooner rather than later,” he said.
This news could prove pertinent for U.K. cultivated enterprises, following the government’s recent commitment to putting sustainable protein development on the agenda. It should be noted that out of a 100-page report, just six lines were allocated to sustainable protein and the potential for “novel” foods to receive new regulation updates. Regardless, CellulaREvolution will be looking to distribute on a global B2B scale.
“We have taken an in-depth look at the industry and considered that CellulaREvolution has a unique B2B offering which is expected to have a huge impact on the cost-efficient commercialization of cultured meat in the coming years,” EricNG, CEO at lead investor happiness Capital said in a statement. “We are keen to support the company on their journey and look forward to being an active shareholder”.
“The continuous bioprocessing technologies developed by CellulaREvolution are a going to be instrumental in developing and producing CellAg products which will be both available, affordable and more sustainable,” Groenewegen told Green Queen exclusively. “Some of the key hurdles for the production of commercially available cultured meat are yield and costs, our technologies address both of these. Now with the support of both our existing and new investors we can accelerate the development of our company, team and products and truly become a key B2B player in this exciting industry.”
New investment follows the recent appointment of Chris Green as CellulaREvolution’s chief commercial officer.
Creating the right cell cultures
CellulaREvolution is in good company as it seeks to create a cost-effective culture. In February last year, South Korean startup CellMEAT scooped $4.5 million to scale its operation in a bid to drive down cultivates production costs.
The results were revealed in December when the company unveiled its Fetal Bovine Serum-free cell culture media. Seemingly the first to announce such a breakthrough, the company will be able to support domestic cultivated companies, including its own branch of manufacturing, alongside global players. The U.S. and Israel were both cited as potential markets for the development.
One day after CellMEAT made its announcement, US-based Upside Foods revealed it had successfully developed an animal component-free media. One of the biggest players in the U.S. market, Upside is eagerly awaiting regulatory approval to start selling its cultivated chicken products.
Lead photo by CellulaREvolution.