Mosa Meat Secures €15 Million to Propel Cultivated Meat Technology Amid Industry Challenges

Dutch cultivated meat innovator Mosa Meat has successfully secured €15 million (approximately $17.6 million) to advance its technological platform. This funding news comes just days after fellow startups Meatable and Believer Meats announced their shutdowns, due to challenges in raising new capital.

Recent Funding Round Details

This latest funding round follows a substantial €40 million (around $47 million) raised earlier this year. Key backers in this round include state-owned impact investors Invest-NL and LIOF, German meat producer PHW Group, and Jitse Groen, founder of Just Eat Takeaway.com.

To date, Mosa Meat has raised approximately €150 million (about $176 million), supported by various investors including Lowercarbon Capital, M Ventures, Nutreco, Mitsubishi, and even environmental advocate Leonardo DiCaprio.

CEO Insights

“When we introduced the first cultivated burger, it required a €250,000 proof of concept,” stated CEO Maarten Bosch. He emphasized that Mosa Meat is currently working on regulatory approvals in the UK, EU, Switzerland, and Singapore.

“Through scientific breakthroughs and efficiency improvements, we now produce burgers that are ready for restaurant menus at competitive prices,” he added.

Significance of the Funding

In light of recent setbacks in the cultivated meat sector, Mosa Meat’s ability to attract new capital may be viewed as a beacon of hope, reassuring stakeholders that there is still investor confidence in the technology’s potential.

Victor Meijer, an investment principal at Invest-NL, noted, “Investing in cultivated meat is complex and demands resilience. The robust team and solid progress at Mosa Meat give us the confidence to back them in this crucial phase.”

Cofounder and Chief Science Officer Mark Post, PhD, remarked on the ongoing adjustments within the industry: “The current shakeout is a natural part of the maturing process following rapid startup proliferation.”

Long-Term Vision

Post reiterated the need for a meticulous approach to technology development, stating, “We prioritize foundational work over rapid expansion. While we have achieved significant cost reductions in production, we must achieve our economic targets before scaling operations.”

The Role of Public Funding

In discussing the importance of public funding, CEO Bosch explained, “Government support is crucial for the flourishing of this tech, similar to how it has aided other transformative sectors like batteries and solar panels. The backing from the Dutch government has been pivotal for our progress.”

He added, “While we regret the struggles faced by peer companies, we observe substantial advancements in areas such as culinary performance, production cost reduction, and regulatory progress.”

Future Developments

Mosa Meat, founded in 2016, is currently operating with bioreactors scaling up to 1,000 liters at their facility in Maastricht. Bosch indicated that this capacity allows for a phased market introduction focused on select restaurants, with plans to expand to 5,000-liter vessels in the future.

According to recent studies, Mosa Meat leverages bovine satellite cells and fibro-adipogenic progenitor cells (FAPs) for production. These cells mimic the texture and flavor profile of traditional beef fat, enhancing the culinary experience.