The Challenges Facing the Cultivated Meat Sector: Meatable Winds Down Operations
In a significant setback for the emerging cultivated meat industry, Dutch startup Meatable has announced its decision to cease operations due to unsuccessful funding efforts. This news was shared by key shareholder Agronomics earlier today, underscoring the difficulties faced by the sector.
Agronomics, which has invested £7.9 million ($10.6 million) in Meatable, alongside other major players such as BlueYard Capital and Invest-NL, revealed that the company’s book value before the wind-down was £11.9 million ($15.9 million). This represented just over 8% of Agronomics’ net asset value as of September 25.
Sector Under Pressure
This announcement comes shortly after the closure of Israel- and US-based startup Believer Meats, sparking widespread discussions on social media regarding the viability of the cultivated meat sector. In recent years, funding for cultivated meat has substantially declined, raising concerns about its future.
Suzi Gerber, executive director at the Association for Meat Poultry and Seafood Innovation (AMPS), stated in an interview with AgFunderNews that she hopes Meatable’s “contributions and vision will continue to advance the field, even if in a different form.” She emphasized that collaboration and consolidation are inherent in a maturing sector, leading to the reallocation of talent and technology toward contexts that can drive commercialization.
Future Directions in the Industry
Looking ahead, Gerber noted, “We are now entering the second phase of this industry, characterized by CAPEX-light, OPEX-nimble, long-term deployment strategies rather than breakthrough disruption.” Although it’s unfortunate when early innovators falter, the skills and technologies they develop often persist through new partnerships and applications, influencing the broader landscape.
Meatable’s Journey and Innovation
Founded in 2018 by biologist Daan Luining, stem cell biologist Dr. Mark Kotter, and former McKinsey exec Krijn de Nood, Meatable aimed to dramatically accelerate pork production by speeding up the differentiation process of stem cells into fat and muscle.
Industry experts remain divided on the significance of differentiation, a critical aspect that some say is essential for recreating the texture of real meat. Luining previously commented, “We are making high-quality fat and muscle, but you have to do it with efficiency and speed to make it cost-effective.”
Regulatory Hurdles
However, the potential classification of Meatable’s process as creating genetically modified organisms (GMOs) may have complicated its regulatory path, slowing down progress in certain markets. In discussions regarding acquisitions, director of communications Bo de Koning mentioned that a key focus was diversifying product lines across GMO and non-GMO options.
Leadership Changes and Strategic Shifts
With over $105 million in funding, Meatable appointed Jeff Tripician as CEO in June 2024. He expressed that “the companies that will win will have the best science” and emphasized the importance of partnerships with established meat organizations to construct large-scale facilities.
As challenges mounted, however, Tripician left the firm to return to traditional meat industry roles, leaving CTO Aris de Rijke to lead the company. Despite plans to collaborate with a new entity called TruMeat to build a cultivated meat pilot facility in Singapore, Meatable was unable to secure the needed funding.
The Current Climate for Cultivated Meat
On the surface, cultivated meat presents a compelling opportunity: it promises real meat without the ethical and environmental concerns associated with traditional agriculture. Nevertheless, significant challenges remain in scaling biomanufacturing processes, as funding becomes increasingly scarce and political environments grow hostile in key markets, particularly in the US and parts of Europe.
According to AgFunder, funding peaked at $989 million in 2021 but has since plummeted, with only $55 million reported in 2024. This trend has left established players like GOOD Meat and UPSIDE Foods grappling with their production models amid evolving market dynamics.
Conclusion and Outlook
The recent news surrounding Meatable and Believer Meats raises concerns about the overall health of the cultivated meat sector. However, as AMPS has asserted, individual outcomes should not be equated with the broader industry’s potential. Innovation and adaptability will continue to shape the future of cultivated meat, even as the sector navigates this transitional phase.
