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Feb. 12, 2024
by Elaine Watson, AgFunderNews.com With Finless Foods rumored to be making big cutbacks to conserve cash, New Age Eats shutting up shop after running out of funds, and GOOD Meat sued by its bioreactor supplier over allegedly unpaid bills, the last 12 months have been challenging to say the least for cultivated meat and seafood companies trying to raise capital. As AgFunder crunches the numbers for its forthcoming annual global agrifoodtech investment report, preliminary data shows that funding for cultivated meat startups peaked at $989 million in 2021, dipped slightly to $807 million in 2022 (bolstered by a $400 million round into UPSIDE Foods) and then dropped off sharply in 2023 (-78%) to $177 million, against a backdrop of a -50% drop in agrifoodtech investing overall in 2023. While the funding rounds were far smaller in 2023 vs 2022, investors placed a sizeable bet on Uncommon, a UK-based startup (formerly Higher Steaks) which netted a $30 million series A round led by Balderton Capital and Lowercarbon Capital to scale production of cultivated pork using patent-pending technology it claims gives it a competitive edge by speeding up the cell differentiation process. Meatable, a Dutch startup that raised $47m in its series A in the heady days of 2021, raised a more modest $35 million in its series B round last year, while cultivated seafood startup BlueNalu netted $33.5 million to scale up production at its pilot facility in San Diego. Cultivated meat and seafood funding 2020: $278 million Top five rounds: 1. Memphis Meats: $161m 2.Mosa Meat: $55m 3.Mosa Meat $20m 4. Shiok Meats $12.6m 5. IntegriCulture $7.4m To read the entire report click here. Tweet |
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