<div>
  <ul>
    <li>
      <p>
        Cell-cultured meat has a more secure, efficient, and resilient production system compared to traditional meat production in the US  that also gives more control over end products and waste.
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        In the week of April 13-19 2020, daily cattle slaughter fell by nearly 24% year-over-year (YoY) and pig slaughter by 13% YoY.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


COVID19-IMPACT

<p>The main disruptors aren’t displacing incumbent pure-play cell-based meat producers so much as major traditional livestock and, to a lesser extent, plant-based meat producers active in this space. The top three startups in terms of funding–Eat Just, Memphis Meat, and Mosa Meat–have all unveiled a product and delivered technical proofs of concept sufficient to garner over USD 470 million in combined funding.</p><p>Eat Just leads the industry in funding with USD 220 million, followed by USD 181 million for Memphis Meat and USD 76 million for Mosa Meat. Eat Just has already seen commercial success with its plant-based egg substitute “JUST Egg” and developed market ready cell-cultured chicken nuggets in 2018, which fueled interest from investors. Startups have yet to master industrial-scale production and competitive pricing relative to slaughtered meat, thus far limiting paths to commercialization.</p>

<p>Most of the startups in the cell-cultured space are manufacturers of finished imitation beef and pork products with a smaller group focusing on the production of specialty items such as wagyu beef, bluefin tuna meat, and foie gras. A limited number of traditional meat processing and convenience food manufacturing incumbents have begun investing in the cell-cultured meat space.</p><p>The industry’s supply chain is also gradually taking shape, and new startups and incumbents developing supply side expertise should retain a significant advantage as the industry progresses.</p>

<div>
  <p>
    Aleph Farms is a startup developing cell culture meat using animal cells. In 2018, Aleph Farms unveiled its first cell cultured steak. The startup was successful in taking this achievement even further by growing cells on a textured soy protein scaffolding in 2020. The cells were left for three to four weeks to naturally multiply and grow, forming into a slice of steak. In February 2021, the startup collaborated with the faculty of Biomedical Engineering at the Technion - Israel Institute of Technology, to launch the world’s first cell-cultured ribeye steak. The company claims that its cell-cultured ribeye steak is thicker than its first product, thin-cut steak, unveiled in 2018. 
  </p>
  <p>
    In September 2019, the startup collaborated with 3D Bioprinting Solutions to bioprint a small scale muscle tissue onboard the International Space Station. In October 2020, Aleph Farms announced the launch of a program to establish long-term partnerships with space agencies and tech companies to integrate its meat-growing innovations into space programs. The aim of the program is claimed to discover meat growing technologies in the most harsh and remote environments.
  </p>
  <p>
    In March 2021, Aleph Farms signed a Memorandum of Understanding (MoU) with one of the world’s largest beef producers, BRF, to launch its cell-cultured beef in Brazil. BRF will leverage Aleph Farm’s patented 3D-bioprinting platform, BioFarm, to co-develop and export its cell-cultured meat. A part of the BRF’s 2030 Vision strategy, the partnership is expected to produce over BRL 100 billion (USD 18.5 billion) in revenue by 2030.
  </p>
  <p>
    In January 2021, Mitsubishi Corporation's Food Industry Group in Japan signed a Memorandum of Understanding (MoU) with Aleph Farms, to launch cell-cultured beef in Japan. Mitsubishi will provide its manufacturing expertise to produce cultured beef, using Aleph Farm’s manufacturing technology “BioFarm”, to grow cells using the 3D tissue engineering platform and design according to the preferences of the Japanese market.
  </p>
  <p>
    In its latest funding round in July 2021, the startup raised USD 105 million in a series B funding round led by L Catterton and DisruptAD (venture arm of Abu Dhabi holding company ADQ) with participation from Skyviews Life Science, Thai Union, BRF, and CJ CheilJedang amongst others. Aleph has now raised a total of 119.4 million. The startup plans to utilize the funds to scale manufacturing, expand its product portfolio and facilitate the global commercialization of its cell-cultured steak ahead of a 2022 launch. Further DisruptAD plans to set up an Aleph Farm manufacturing facility in Abu Dhabi to supply cell-cultured meat across the UAE and other Gulf states.
  </p>
</div>


Aleph Farms

<div>
  <p>
    Based in Israel, Future Meat Technologies develops hardware and cell lines for the manufacturing of cell-cultured meat, with intentions of commercializing its manufacturing hardware and techniques.
  </p>
  <p>
    Future Meat Technologies uses fibroblast cells that can be triggered with small molecules to develop either fat or muscle cells. Fat and muscle cells are cultured in a unique bioreactor that removes the waste material from the media, allowing Future Meat Technologies to recycle parts of the media with the aim of reducing feed media input by as much as 50%. The startup has replaced FBS with molecules derived from Chinese Hamster Ovaries (CHO), reducing production costs. The startup has managed to reduce production costs to USD 150 per pound for chicken and USD 200 per pound for beef. According to founder Yaakov Nahmias, a refrigerator-sized bioreactor has the capacity to produce approximately half a ton of muscle and fat every 14 days. In May 2021, the startup reduced the cost of cell-cultured chicken by 50%; USD 4 per quarter-pound serving from USD 7.50 to achieve price parity with animal counterparts in eight years. Future Meat Technologies intends to further slash down the cost to below USD 2 and launch its product in the US by 2022.
  </p>
  <p>
    In June 2021, Future Meat Technologies opened what the company is calling the world's first “industrial” cell-cultured meat facility. The facility has a production capacity of 500 kg of cultured meat per day (equivalent to around 5,000 hamburgers); and currently produces cultured chicken, pork, and lamb, with beef production expected to begin soon. The startup is in the process of approving the facility with regulatory agencies and is also looking at several locations in the US for future expansion. Future Meat Technologies’ first product is expected in 2022 as a blend of 45-60% cell-cultured chicken and/or lamb and 40-55% plant-based meat. Besides US and Europe, Future Meat Technologies has plans to debut in Asia, with China and India as its primary markets. 
  </p>
  <p>
    In its latest Series A funding round in February 2021, the company raised USD 26.8 million in convertible note funding from S2G Ventures, ADM Capital, Emerald Technology Ventures, Manta Ray Ventures, and Bits x Bites, among others. The proceeds are expected to be used to accelerate Future Meat’s cultivated meat production and expand its research and development activities and team.
  </p>
</div>


Future Meat Technologies

Suppliers (R&D/ Bioreactor)

Developers of bioreactors and other technologies used in cell cultured meat production. Industrial scaling and efficiency gains are key areas of interest for the startups in the industry.

<div>
  <p>
    Mission Barns develops animal fat using cells from living animals. The startup has developed two products as of October 2020; Mission Bacon, produced with cultured pork fat and plant-based proteins, and Mission Fat, produced from cultured animal fat cells.  Mission Barns believes animal fat contains much of the distinguishable flavor of meat and that mixing it with other components could produce a close alternative to real meat. Similar to other cell-cultured startups, Mission Barns uses a custom-made nutrient serum and cultivates fat cells in large bioreactors.
  </p>
  <p>
    In September 2018, Mission Barns produced duck sausages by mixing cultured duck fat with other ingredients, but the product is not yet commercially available. The company expects to develop additional structured products such as duck breasts and steak in the future. In August 2020 the startup was preparing for a curbside taste test of Mission Bacon in front of some restaurants in Oakland and San Francisco.
  </p>
  <p>
    In April 2021, Mission Barns raised USD 24 million in a Series A funding round. The proceeds will be used to scale up the company’s cell-cultured fat technology and to build a pilot production facility in the Bay Area.
  </p>
</div>


Mission Barns

<div>
  <p>
    CellulaREvolution, a spin-off from Newcastle University, is a cell-culture biotechnology startup focusing on developing two products that could ultimately bring down the cell culture production cost: a synthetic peptide coating that allows for serum-free cell culturing, and a bioreactor that can continuously produce cells in a serum-free environment. CellulaREvolution’s bioreactor would enable a high-yield, low-input continuous cell culture system. The preliminary data suggests this could be achieved over a 30-day period; twice as much cell production can be achieved in a bioreactor that is six-times smaller compared to the batch production. According to the company, its technologies can be used in cultured meat production, cell therapy, and biologics.
  </p>
  <p>
    CellulaREvolution plans to make its first sales through the supply of bioreactors and continuous growth mediums, with a revenue model consisting of direct purchase, maintenance, and service agreements. The startup is also considering lease agreements as a potential revenue model.
  </p>
  <p>
    In its latest funding round in February 2021, the startup raised GBP 1 million (USD 1.4 million) from investors, including Orange Light Ventures, CPT Capital, and the Northern Accelerator Seed Investment Fund. The funding is expected to accelerate the development of CellulaREvolution’s products. The startup also won multiple grants from the UK government, with a disclosed value of over GBP 200,000 (USD 275,000). 
  </p>
</div>


CellulaREvolution

<div>
  <p>
    Innocent Meat is a German cell-cultured meat startup. The company is developing a novel technology to grow animal cells in bioreactors using a plant-based cell media. The startup recycles the cell media by eliminating waste products in each cycle, keeping the required media volume low and reducing operating cost. Innocent Meat uses biodegradable and digestible scaffold which helps keep costs down. The startup claims its technology will be able to keep growth cycles short and fast, allowing the production of meat in just a few days. Innocent Meat is currently developing a plug-and-play technology for meat manufacturers to produce cell-cultured pork (specifically minced pork).
  </p>
</div>


Innocent Meat

<div>
  <p>
    Luyef Biotechnologies is a food tech startup developing technologies for cell-cultured meat producers to industrialize production. The startup intends to licence its B2B technologies to cell cultured meat startups. 
  </p>
</div>


Luyef Biotechnologies

<div>
  <p>
    Cultured Blood is a startup developing a viable, artificial blood circulation system, to support cultured meat production. The startup aims to keep simple organs cultured from cells alive using their artificial blood circulation system, which allows to grow animal cells outside the FBS and other animal-sourced growth media. No commercialization date is made available by the startup.
  </p>
</div>


Cultured Blood

<div>
  <p>
    Cellular Agriculture is a startup developing novel bioreactor technologies to enable industrial production for cell-cultured meat startups. Concentrating on industrial applications, the startup has developed "Hollow Fibre Membrane Bioreactor" technology, that has proven the concept of cultured meat production. The startup claims that its bioreactor is 200 times smaller than existing industrial bioreactors and is 70% less costly to operate. The company is scaling the technology to suit industrial scale cell-culture meat production; no commercialization date has been announced.
  </p>
</div>


Cellular Agriculture

<div>
  <p>
    Cubiq Foods is a startup developing cultured fat. The company plans to release two products to the market by the end of 2020; Cubiq Smart Omega-3 and Cubiq Smart Fat. In 2019, Cubiq and Mosa Meats were in discussion of a collaboration that could lead the way to new product launches. In May 2020, the startup raised USD 5 million led by Blue Horizon Ventures and Moira Capital Partners. Funding will be leveraged to accelerate development of current products and develop new revenue streams.
  </p>
</div>


Cubiq Foods

<div>
  <p>
    BioTech Foods is a startup specializing in the development of cultured meat. The company uses cell culture technology in which animal cells are humanely extracted from pork and proliferated in a bioreactor with breeding medium under controlled atmospheric conditions of 37 degrees. The process does not involve any genetic modification or antibiotics. To facilitate growth, the startup feeds the cells minerals, salt, and proteins. 
  </p>
  <p>
    BioTech Foods’ cultured meat is available via B2B channels with its neutral tasting animal protein paste used in applications such as sausages, burgers, nuggets, meatballs, and ham. In 2018, BioTech Foods developed Ethicameat, a cultured meat label intended to carry BioTech Foods products once they are commercialised. Ethicameat products are high in protein and fat-free due to the elimination of fat cells during production. Ethicameat has developed early prototypes of meatballs and chicken cutlets. 
  </p>
  <p>
    In January 2021, the Spanish Government granted EUR 3.7 million (USD 4.5 million)—out of EUR 5.2 million (USD 6.3 million) for the project—to a consortium led by BioTech Foods to investigate the potential health benefits of cellular agriculture.
  </p>
</div>


BioTech Foods

<div>
  <p>
    Hoxton Farms is a startup developing cell-cultured fat using machine learning and “in silico modelling”- the use of computational approaches to model pharmacologic or physiologic processes. The startup humanely extracts a biopsy from an animal and creates cultures/cell lines from adult stem cells under controlled conditions. The culture is kept in a bioreactor where the cells proliferate into fat cells. The fat cells are then harvested for use in meat analogues. The company claims that the cell-cultured fat is a replacement for plant-based oils which creates an undesirable taste and cooking experience.
  </p>
  <p>
    Hoxton Farms won the food and drink category award at the Royal Society of Chemistry’s Emerging Technologies competition 2020 and prize money of GBP 20,000 (USD 27,450). The startup also received a grant of GBP 20,000 (USD 27,450) for business acceleration. Hoxton Farms expects to utilize the prize money and the grants, along with its planned first round of funding, to expand its team in London and to build its own R&D lab.
  </p>
  <p>
  </p>
</div>


Hoxton Farms

Suppliers (Culture Media/ Ingredients)

<div>
  <p>
    Founded in 2017, MeaTech develops proprietary 3D printing technology to produce cell-cultured meat. As of July 2021, the company claimed to have developed beef and chicken cell lines and plans to expand to cultivated pork.
  </p>
  <p>
    In August 2020, the startup successfully printed a single layer of tissue proving it’s able to separately grow muscle and fat stem cells and combine them into a single structure. In December 2020, MeaTech announced the acquisition of Peace of Meat, a cell-cultured chicken and duck fat developer based in Belgium for EUR 15 million (USD 18 million). In the same month, the startup successfully 3D-printed a cultured beef fat structure composed of bovine fat cells and bio ink. The edible structure printed using fat cells and bio ink had a height of 10 millimeters. MeaTech plans to license out its proprietary 3D-printing technology, biotechnology processes, and customizable manufacturing processes of producing cell-cultured meat to food processing and food retail companies.
  </p>
  <p>
    Peace of Meat claims to be the first manufacturer in Europe to produce a non-GMO stem cell line. In March 2020, the startup was successful in producing 20 grams of fat as proof of concept in their 200 square meter facility near Brussels. Starting Q4 2020 Peace of Meat plans to begin supplying the fat to food businesses for combination with plant-based ingredients to produce meat analogs that are much closer in texture, taste, and mouthfeel to real meat. The startup expects its cultured fat will give way to products such as nuggets, burgers, and meatballs that will be available in supermarkets by 2023. Peace of Meat plans to produce 100,000 tonnes of fat annually by 2030, at a target price of USD 6 per kg, a steep price cut from its current production cost of USD 350 per kg. 
  </p>
  <p>
    The startup filed a provisional patent application with the US Patent and Trademark Office (USPTO) in June 2021. MeaTech has sought patent protection for its novel 3D bioprinting method that allows for enhanced control of the size, volume, and optimal placement of droplets during a multi-layered bioprinting process. The company has also registered for intellectual property rights protection for its business and technologies in the US and overseas. MeaTech currently has a portfolio of six provisional and non-provisional pending patent applications with the USPTO and the World Intellectual Property Organization (WIPO).
  </p>
  <p>
    In May 2021, MeaTech announced plans to launch a pilot plant facility in Belgium in 2022 to scale the production of cell-cultured chicken fat. Peace of Meat will leverage its technologies to produce cultured chicken fat at the new facility for use in industry collaborations. Ultimately, MeaTech intends to implement its 3D printing technology to produce real cuts of cell-cultured meat such as steak and chicken breast. The startup also announced a partnership with Tiv Ta’am in July 2021, to jointly develop new cell-cultured pork products, construct a new facility, and distribute the products to consumers. Tiv Ta’am, a major supermarket chain and Israel’s largest non-kosher pork and meat producer, will also have the distribution and marketing rights for Meaech’s cell-cultured pork products in the Israeli market and, potentially, global distribution rights as well.
  </p>
  <p>
    During its latest H1 2021 earnings update, MeaTech reported an EPS loss of USD 0.06 vs an EPS loss of USD 0.26 a year ago. The operating loss of USD 6.7 million widened by USD 3.9 million YoY due to increase in research and development, and administrative expenses. MeaTech’s research and development expenses over the period reached USD 2.1 million compared to USD 0.9 million in H1 2020, reflecting the company’s ongoing investment in research and development. Cash and cash equivalent holdings stood at USD 30.6 million as of Jun 30, 2021, up from USD 17 million reported in H1 2020—mainly driven by the company’s March 2021 NASDAQ IPO.
  </p>
  <p>
    2,427,185 American Depositary Shares (ADS) of MeaTech were listed on the NASDAQ in March 2021 under the ticker “MITC” at a price of USD 10.30 each for total gross proceeds of USD 25 million. Including the underwriter exercise of an option to purchase up to an additional 364,077 ADS, MeaTech raised around USD 25.4 million through the IPO. MeaTech intends to use the funding to develop new technologies, fund acquisitions, fund working capital requirements, and maintain other general corporate activities. The startup is currently listed on the Tel Aviv Stock Exchange under the ticker MEAT.
  </p>
</div>


MeaTech

Producers of growth media for cell cultured meat production and ingredients for meat and meat analogue (cell cultured, plant-based) producers; which can include cell culture meat paste, culture fat etc. Producers of growth media, mainly focuses on startups developing alternative growth media to fetal bovine serum (FBS) using plant-based or other sources.

<div>
  <p>
    Avant Meat is the first Chinese cellular aquaculture startup specializing in developing cell-cultured fish using piscine protein. Avant Meat uses advanced cell technology to cultivate fish cells under controlled conditions and produces seafood products such as fish maw (sourced from critically endangered fish species Bahaba- croaker fish and Totoaba) and sea cucumber. In November 2019, Avant Meats held its first public tasting of its cultured fish maw at the Future Food Summit in Hong Kong. In November 2020, Avant Meats unveiled Asia’s first cultivated fish fillet. Avant Meat intends to officially launch its first product (cultured fish maw) by the end of 2022, followed by other cultured fish foods. In March 2021, the startup announced that it was able to cut its production costs by 90%, and a partnership with the Chinese biopharmaceutical company QuaCell will bring costs down by a further 75%.
  </p>
  <p>
    In September 2021, Avant Meats partnered with Singapore’s tech innovation agency, A*STAR, to set up a joint research lab to optimize and scale-up cell-cultured fish production, possibly leading to a pilot facility by 2022. The startup expects the new lab would allow it to realize process efficiencies and cost reductions for fish cells initially, which can  be implemented into other cell types later as well. Avant Meats intends to launch its cell-cultured fish maw and fillet in retail outlets by 2025, subject to gaining regulatory approval from the Singapore Food Agency (SFA).  
  </p>
  <p>
    In its latest funding round in December 2020, the startup raised USD 3.1 million in seed funding with participation from China Venture Capital, AngelHub, ParticleX, Lever VC, CPT Capital, Loyal VC, Artesian, and 208 Seed Ventures. Vietnam-based seafood company Vinh Hoan Corporation (VHC) acquired a stake in Avant Meats in January 2021, to accelerate the commercialization of Avant Meat’s products by leveraging VHC’s industrial production capabilities and global sales network. 
  </p>
  <p>
  </p>
</div>


Avant Meats

<div>
  <p>
    Multus Media is a spin-off of SOSV’s IndieBio program, which is developing growth media for cell-cultured meat production. As of October 2020, Multus Media is developing its first product, Proliferum M, using proprietary ingredients that are undisclosed. Proliferum M is expected to perform similar to FBS, but at a lower cost, and can be produced at scale for industrial usage. The company plans to launch Proliferum M to the market by the end of 2021 and expand production by the end of 2022. Multus Media hopes to expand into a whole catalog of standardized growth media for all cell types from its current focus on mammalian cell proliferation (cultured beef and pork). The startup also hopes to reduce the cost of a liter of growth media to less than a dollar by 2026, compared to USD 200 per liter of FBS. The startup is planning to test the product in Europe initially and later expand globally to North America, China, and Singapore
  </p>
  <p>
    In July 2021, the startup raised a GBP 1.6 million (USD 2.2 million) seed round from SOSV, Zero Carbon Capital, Marinya Capital, and angel investor Sake Bosch. The round also includes a GBP 106,000 (USD 146,000) equity-free grant from the UK Research and Innovation Council.
  </p>
</div>


Multus Media

<div>
  <p>
    biftek.co, based in Turkey is a startup developing growth media for cell cultured meat production. The company intends to replace the common growth media used in cell cultured meat production, the fetal bovine serum (FBS) with its plant-based growth media. The plant-based media is expected to be only a fraction of what FBS costs, which usualy accounts for around 80% of the cell cultured meat production cost.
  </p>
</div>


biftek.co

<div>
  <p>
    Eat JUST (formerly Hampton Creek prior to 2018) is a food technology company founded in 2011 that initially developed plant-based alternatives such as JUST Mayo made from yellow peas and JUST Egg made from mung bean, before expanding to developing cell-cultured chicken and beef. In 2018 the startup developed cell-cultured chicken nuggets that cost USD 50 each to produce. In December 2020, the company became the first ever startup in the world to sell cultured meat following the approval from the Singapore Food Agency; Eat JUST made the sale to 1880, a restaurant located in Robertson Quay in Singapore. The cultured meat is sold under Eat JUST’s “GOOD Meat” brand. In April 2021, Eat JUST collaborated with the food delivery partner- Foodpanda for the world's first home delivery service of cell-cultured meat in Singapore, produced under its GOOD Meat brand. The dishes were prepared by 1880 and include Katsu Chicken Curry, Chicken Coconut Rice, and Chicken Caesar Salad; priced for SGD 20 (USD 15) starting on Earth Day (April 22). GOOD Meat’s cell-cultured meat is also expected to be featured at JW Marriott Singapore South Beach, from mid-May. 
  </p>
  <p>
    The company is also working towards gaining approval elsewhere in the world for sale of it’s cell-cultured meat, including the US. In September 2021, the startup stated that the authorities in Qatar intends to grant regulatory approval for the sale of cell-cultured meat in Qatar “very soon”; while announcing plans to build a commercial plant to produce cell-cultured meat in the country in partnership with the Doha Venture Capital and the Qatar Free Zone Authority. Qatar Investment Authority joined GOOD Meats’s board after leading a funding round in March 2021. The startup is also expected to build two manufacturing facilities in Northern California and Singapore to scale up the production capacity to more than 50,000-liter vessels of lab-grown chicken in North America and Asia (from the current 1,200 liters).
  </p>
  <p>
    In June 2021, Eat JUST announced plans to launch an initial public offering (IPO) in Q4 2021 or early-2022; which  is expected to bring the company’s valuation to more than USD 3 billion, up from the USD 2 billion valuation reached in October 2020.
  </p>
  <p>
    In its latest funding in September 2021, GOOD Meat raised an additional USD 97 million on top of the USD 170 million it raised in May 2021, raising the total funds secured in the round to USD 267 million. Participants of the round included new and former investors such as UBS O’Connor, Graphene Ventures, K3 Ventures, Resilience reserve, and individual investor Fernando Chico Pardo. GOOD Meat intends to use the funds to expand its research and development in cell-cultured meat products. 
  </p>
  <p>
    In May 2021, Eat JUST was named as the “World-Changing Company of the Year” by the 2021 World-Changing Ideas Awards.
  </p>
</div>


Eat JUST

<div>
  <p>
    Founded in 2015, UPSIDE Foods (formerly Memphis Meats prior to May 2021) is a food technology startup developing cell-cultured meat. In 2016, UPSIDE Foods introduced the world’s first cell-based meatball, followed by the world's first cell-based poultry in March 2017. 
  </p>
  <p>
    In 2017, the startup announced the cell-cultured meat cost around USD 9,000 per pound to produce. In 2018, UPSIDE Foods claimed the cost had fallen to USD 1,000 per pound. In January 2020, UPSIDE Foods discontinued the use of FBS, following the development of an alternative method, with the aim of reducing production cost. In May 2021, UPSIDE Foods announced the launch of its first consumer product “UPSIDE Chicken”, which will be available in 2021, pending regulatory approval. Production is expected to begin at its pilot manufacturing facility in the San Francisco Bay Area by the end of 2021. 
  </p>
</div>


UPSIDE Foods

Manufacturer (Poultry)

Producers of cell cultured chicken and duck using cells extracted from animals. Some producers in the industry are developing rare delicacies such as foie gras. Startups have only succeeded in developing products in the nugget form. 

<div>
  <p>
    Gourmey is a startup developing foie gras using cell culture technology. The startup is developing cell-cultured foie gras using cells from a duck egg grown in a cultivator with feed media matching the nutrients of a duck's natural diet. Once the cells are multiplied, the company adjusts the nutrients in the media, increasing the plant based fats to replicate the effects of forced feeding at the cellular level. Gourmey has not unveiled a prototype or stated an expected market entry date for its product. In July 2021, the startup announced development of “Structured restaurant-grade meats” including poultry filets in the style of duck, chicken, and turkey. Gourmey is said to be co-developing the product line with chefs ahead of a soft launch in various restaurants.
  </p>
  <p>
    In July 2021, the startup raised EUR 8.4 million (USD 10 million) in a seed funding round co-led by Point Nine and Air Street Capital with participants Heartcore Capital and Partech. Other notable participants include the Bpifrance and European Commission. Gourmet said the cash would help scale up production in Paris and prepare for the global commercialization which is expected to be by late 2022 or early 2023. 
  </p>
</div>


Gourmey

<div>
  <p>
    SuperMeat is a cellular agriculture startup developing cultured chicken meat. The company hopes to initially launch blended products that will include both plant-based and cell-cultured meat (70% plant-based meat to 30%  cell-cultured meat) offering a better taste profile than plant-based meat while costing less than 100% cell-cultured meat. 
  </p>
  <p>
    SuperMeat filed a patent application in April 2018, covering the manufacturing of blended products by combining cell-cultured chicken and plant-based meat. In November 2020, the startup opened the world’s first cell cultured meat restaurant in Tel Aviv to give the opportunity to select diners to taste its products. The establishment operates similar to a test kitchen, for SuperMeats products that are still in the development phase.
  </p>
  <p>
    In January 2018, SuperMeat entered into a strategic partnership with PHW, one of Europe's biggest poultry producers. According to the partnership, PHW will support SuperMeat in R&D and strategic positioning of their products in Europe.
  </p>
</div>


SuperMeat

<div>
  <p>
    Based in the Netherlands, Meatable is a startup developing cell-cultured meat. The startup uses pluripotent stem cells, which have the ability to convert to muscle or fat cells without FBS or CHO mediums. Meatable’s proprietary technology was developed in collaboration with Roger Pedersen, a stem cell biologist and founder of the University of Cambridge's Stem Cell Institute, and Mark Kotter, a Cambridge neurosurgery clinician scientist.
  </p>
  <p>
    Meatable sources stem cells from animals' umbilical cords, avoiding taking pieces of tissue from live animals. The startup plans to start producing beef burgers and sausages before expanding to chicken and pork products. According to the startup, their proprietary technology can be further developed to allow scaling to more complex products like steak. The startup has entered into a joint development agreement with Royal DSM to develop cost-effective growth media for cultured meat production; that could facilitate the scale up in production and be affordable at the same time.
  </p>
  <p>
    In its latest funding round, Meatable raised USD 47 million in a Series A funding round from a consortium comprising Dr. Rick Klausner, Section 32, Dr. Jeffrey Leiden, DSM Venturing, and existing investors, including BlueYard Capital, Agronomics, Humboldt, and Taavet Hinrikus. This brings the total funds raised by the company to USD 62.9 million. The proceeds will help advance small scale production at Biotech Campus Delft and help commercialize its first lab-grown meat products.
  </p>
  <p>
    Meatable plans to complete the development of a small pilot facility by 2022 and have an industry-scale plant by 2025.
  </p>
</div>


Meatable

<div>
  <p>
    Dutch company Mosa Meat is a cell-cultured meat startup, founded by Dr. Mark Post of Maastricht University, who produced the world's first lab grown meat burger in 2013. The startup produces meat by growing myosatellite cells (muscle stem cells) extracted from an animal in a bioreactor fed with nutrient-dense medium.
  </p>
  <p>
    In May 2021, Mosa Meat announced that it was able to reduce the cost of its cell-cultured fat by 66x, setting it on track to achieve price parity with conventional meat. Mosa Meat successfully replaced the fetal bovine serum (FBS) from its growth medium in July 2020, which led to an 88x cost reduction in its medium. According to the company, the replacement of FBS and the selection of the cheapest suppliers have contributed to the 66x reduction in the cultured fat cost. The company claims its fat medium is now only 1.52% of the cost reported in September 2019. The startup expects to bring down the production cost and price of the burger to EUR 9 (approximately USD 10) at commercialization from the initial EUR 250,000 (approximately USD 297,000) per burger cost in 2013.
  </p>
  <p>
    In its latest funding round in February 2021, Mosa Meat has raised USD 10 million in a third Series B funding round led by Blue Horizon Ventures and existing and new investors, including Nutreco and Jitse Groen. The new funds increase the total funds secured in the Series B round to USD 85 million. Mosa Meat intends to utilize the fresh funding to scale up its production, expand its pilot plant facility, expand its labor force, develop an industrial-sized production line, and commercialize its products to consumers. The startup plans to commercialize their product by 2022 and to commission the first high-volume production plant by 2025.
  </p>
</div>


Mosa Meat

Manufacturer (Beef)

Producers of cell cultured beef using cells extracted from animals. Some producers in the industry are developing premium beef ranges as wagyu. Startups have only succeeded in developing prototypes in the minced form; with few creating prototypes of (pieces of) steak using 3D bioprinters.

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    Artemys Foods is a startup developing cell-cultured beef. The startup uses pluripotent stem cells that differentiate into muscle or fat cells, which it separates into different bioreactors to cultivate. With the successful production of cultured beef, the company plans to launch the Artemys Burger–made from a blend of plant-based meat and cell-cultured meat by late 2020. The startup believes it will be difficult to replicate the texture of beef burgers just by combining muscle and fat cells, without the connective tissues. Hence, it sees blending muscle cells and fat cells with plant-based proteins as the best method to replicate the beef burger.
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Artemys Foods

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    California-based Orbillion Bio is a cell-cultured meat producer developing wagyu beef, elk, sheep, and American bison. The startup uses advanced bioprocessing techniques and machine learning algorithms to create cell lines in bioreactors, isolate cells, and culture media best suited for producing premium meat analogs. The company intends to open a USD 3.5 million pilot production facility by the end of 2022 and debut ground Wagyu beef as its first commercial product in 2023. Orbillion Bio intends to initially distribute its products via high-end US restaurants and retailers.  
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  <p>
    In August 2021, the startup raised a USD 5 million seed round from One Ventures, Metaplanet Holdings, European Nucleus Capital, FoundersX Ventures, Prithi Ventures, Outset Capital, Quiet Capital, Beresford Ventures, DVC, and a group of angel investors. The startup is also the first cell-cultured startup to receive an investment from the Y Combinator startup accelerator. 
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  <p>
    Orbillion Bio is a member of The Alliance for Meat, Poultry, and Seafood Innovation alongside other alternative meat companies such as Finless Food and BlueNalu.
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Orbillion Bio

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    Mirai Foods is a cellular agriculture startup developing cultured beef. The startup cultivates meat directly from stem cells sourced from animals. Mirai Foods hopes to initially produce minced beef with plans of expanding into other meats in the later stage. The startup plans to cover the entire value chain including R&D, production, marketing, and distribution.
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    In its latest funding round in March 2021,  the startup raised an additional EUR 1.8 million (USD 2.15 million) in the second tranche of its seed funding from FRIBA Investment, Skyviews Life Science, Ulf Claesson, Paulig, and Team Europe. This brings the total funds raised by the startup to EUR 3.7 million (USD 4.41 million). The proceeds will help accelerate Mirai Foods’ cultivated meat production with a new pilot production lab and also help bring to market the company’s first lab-grown meat, a cultured beef product.
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Mirai Foods

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  <p>
    Ballectic Foods is developing cell-cultured beef from muscle stem cells. The startup is in stealth mode.
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Ballectic Foods

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  <p>
    Founded in 2019, Seawith is a South Korean startup developing cell-cultured steak made with a proprietary microalgae-based growth media and scaffolding developed from seaweed. “Yo.od”, Seawith’s first product, is a low-iodine seaweed marketed toward consumers with low-iodine resistance and high-iodine sensitivity. 
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  <p>
    Seawith’s “Welldone” cultured steak is expected to advance to the industrialization stage following a funding injection in July 2021. Seawith has already replaced 90% of traditional growth media with its own media and expects that reaching a 100% replacement level will help it reach its target cost of USD 3 per kg by 2030.
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  <p>
    The startup plans to close its Series A funding round in September 2021 at an estimated size of USD 7 million. Seawith expects to use the funding to obtain a larger bioreactor to facilitate industrial-scale production and obtain necessary registrations from agencies including the US Food and Drug Administration FDA and Hazard Analysis Critical Control Points (HACCP).
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Seawith

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  <p>
    Lab Farm Foods is a cell-cultured meat startup focused on developing cultured beef. The startup's founder Tiziano Barberi, a stem cell biologist, developed a technology to efficiently generate and expand muscle cells from pluripotent stem cells for possible use in regenerative medicine, eventually leading to the establishment of Lab Farm Foods. 
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Lab Farm Foods

Manufacturer (Pork)

Producers of cell cultured pork using cells extracted from animals. Startups have succeeded in developing prototypes of bacon and pork belly using cultured muscle and, plant-based proteins and fat.

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  <p>
    New Age Meats is a cell-cultured meat startup developing cultured pork. In a private tasting held in 2019, the startup unveiled its first product, a pork sausage made from cultured meat. As of November 2020, New Age Meat has not announced any product release dates.
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  <p>
    In its latest funding round in September 2021, New Age Meat raised USD 25 million in a series A funding round led by Hanwha Solutions and participation from returning investors such as SOSV's IndieBio, TechU Ventures, ff VC, and Siddhi Capital. The startup plans to use the funding for new recruitments— doubling the workforce, building a 20,000 sqft pilot production facility in California, and improving the taste of its first product in development— a hybrid sausage product made using both cell-cultured meat and plant-based meat. New Age Meats expects to commercialize its product in the US by 2022, subject to gaining approval from the federal regulators.
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New Age Meat

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    Vow Foods is an Australian startup that develops cell cultured meat, focusing on replicating meats from exotic animal species. Vow has a cell library of 11 different animals, which include animals such as alpaca, water buffalo, and kangaroos. The company is the world’s first to make cultured meat from the cells of an undomesticated animal—in this case kangaroo. In 2019, the startup did a taste testing of its kangaroo dumplings. Later in September 2020, the startup held a tasting event with cultured meat developed from six different animals: kangaroo, alpaca, goat, pork, rabbit, and lamb.
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  <p>
    In its latest seed funding round in January 2021, Vow Foods raised USD 6 million from Square Peg Capital, Blackbird Ventures, Grok Ventures and Tenacious Ventures. The startup expects to utilize the new funds to accelerate the production of its alternative meats from its upcoming new food design studio and laboratory in Sydney.
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Vow Foods

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    HigherSteaks, based in the UK, uses cellular agriculture to grow pork from animal cells. The startup grows induced pluripotent stem cells in a bioreactor feeding an animal-free growth media. HigherSteak plans to first develop cell-based sausages, followed by cultured bacon and later pork chops. In July 2020, HigherSteaks unveiled the world's first lab-grown pork belly prototype and the second cell-based bacon (behind Mission Barns cell-based bacon unveiled in early 2020). The pork belly and the bacon were produced from a combination of cell-cultured muscle and plant-based proteins and fat. HigherSteaks spent one month producing the two products. The company plans to commercialize its products by 2022-2025. The startup has been bootstrapping operations since it was founded in 2017.
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HigherSteaks

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  <p>
    Fork & Goode is a cell-cultured meat startup based in New York focused on producing cell-based pork. The startup is a spinoff of Modern Meadow, a cellular agriculture biomaterial company that produces a bioleather material called Zoa. In June 2020, the startup was granted a patent for their novel bioreactor system that provides a low-cost alternative for FBS and recombinant growth factors.
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Fork & Goode

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  <p>
    CellX is a cell-cultured meat startup based in China— one of three startups developing cell-cultured meat in the country as of September 2021. The startup is one of the semifinalists of the 2021 XPRIZE foundation challenge— “Feed the Next Billion”. In 2021, the startup unveiled a selection of dishes made with its cell-cultured pork, produced using cells from China’s native black pig. The company expects to have price-competitive commercial products by 2025. CellX also intends to expand into cell-cultured fish, as most of the demand for seafood comes from the Asia-Pacific region and is expected to rise further in the coming years.
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  <p>
    CellX raised USD 4.3 million in its latest round of funding in September 2021, led by the Chinese investors ZhenFund (Affiliated with the Menlo-Park-based tech VC that jumped started the likes of Apple, Google, and Instagram). The funds are expected to be used to drive the company’s research and development ambitions and expansion into the Chinese consumer market.
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Cell X

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    BlueNalu is a startup developing cultured seafood using cells of fish. The company grows the cells isolated from the fish tissue in a bioreactor with culture media, and assembles them into fish products. In December 2019, the startup hosted a culinary demo of its cultured yellowtail. In January 2020, the company announced a strategic partnership with Nutreco, one of the world's largest fish feed companies to accelerate the scaling of its cultured seafood. The company intends to bring its first product to the market by H2 2021.
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  <p>
    As one of its go-to-market strategies and to accelerate commercialization of cell cultured meat, BlueNalu has entered into partnerships with several food manufacturers. The startup has partnered with Mitsubishi Corporation and Thai Union to focus on the Asia-Pacific region, while the partnership with Nomad Foods focuses on Europe. Under each partnerships, the companies will collaboratively conduct market research on consumer insights in the regions, examine regulatory frameworks, and explore opportunities to accelerate the launch of BlueNalu’s cultivated seafood products across the regions.
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    In its latest funding round in January 2021, BlueNalu, raised USD 60 million in convertible notes led by Rage Capital with participation from Agronomics, Lewis & Clark AgriFood, McWin, KBW Ventures, and Siddhi Capital. The startup expects to utilize the funding to set up  a 40,000 sq. ft. pilot production facility capable of producing 200 to 500 lbs of cell cultured seafood per week. The startup also expects to complete a FDA regulatory review for its initial cultured fish products.
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Blue Nalu

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  <p>
    Founded in 2018, Shiok Meat specializes in cell-cultured crustaceans such as shrimp, crab, NS lobster. The startup debuted cell-cultured its shrimp and lobster in November 2020 and expects to commercialize by 2023 in Singapore, followed by Hong Kong, Japan, South Korea, and Malaysia. 
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  <p>
    Shiok Meat expects to lower the cost of its cell-cultured shrimp before going to market with hopes of reaching a price of around USD 50 per kg (USD 22.7 per lb) by 2022, a steep reduction from the USD 1,500 per kg (USD 681.8 per lb) cost reported in July 2020. The startup has also stated that it can further reduce costs to reach a price target of USD 5 per kg (USD 2.3 per lb) in the future.
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  <p>
    In August 2021, Shiok Meat acquired Gaia Foods—a cell-cultured pork, beef, and mutton startup—for an undisclosed sum. Gaia Foods became the first startup in Southeast Asia to develop cell-cultured steak in October 2020. 
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    In July 2021, Shiok Meat raised an undisclosed sum in a bridge funding round co-led by Vinh Hoan (a Vietnam-based leading seafood exporter), Woowa Brothers (operator of the leading South Korean food delivery app Baedal Minjok), and CJ CheilJedang (the food and beverage arm of South Korean CJ Group). The funding was earmarked for R&D and the construction of a new production facility, expected to be online by 2022, that will reportedly be the world’s first cell-cultured crustacean production plant with an initial product of minced shrimp. Back in 2020 Shiok Meat raised USD 12.6 million in a Series A funding round, bringing its total funding at the time up to USD 20.4 million.
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Shiok Meat

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  <p>
    Wild Type is a startup developing cell-cultured salmon meat. In 2019, the company unveiled the world's first cell-based salmon delivered in minced form. In September 2020, Wild Type showcased their latest sushi-grade sliced salmon. Wild Type’s salmon can be consumed raw or cooked.
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  <p>
    The startup filed a patent application in August 2018, covering the manufacturing systems and methods of producing cell-cultured food products including sushi-grade fish meat, fish surimi, foie gras. In their latest series A funding round in October 2019, Wild Type raised USD 12.5 million, led by the VC firm CRV. Funding will be allocated to accelerating product development. Wild Type plans to make its salmon available initially to sushi restaurants and before expanding to retail stores around the country. The timing of a commercial product launch has not yet been disclosed. 
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  <p>
    In June  2021, Wild Type unveiled a new 7,700 sq.ft cultivated seafood facility in San Francisco which also houses the world’s first tasting room of its type and an education center. The facility can produce up to 50,000 pounds of seafood annually with plans to ramp that figure up to 200,000 pounds at full capacity.
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  <p>
    Wild Type plans to initially focus on restaurants and has been taking pre-orders from chefs in the Bay Area since 2019. Wild Type eventually plans to make its salmon available in retail spaces including Costco, Trader Joes, and Walmart locations across the country.
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Wild Type

Manufacturer (Seafood)

Producers of cell cultured seafood using cells extracted from fish. Startups have succeeded in developing prototypes of yellowtail and salmon.

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  <p>
    Based in Germany, Bluu Bioscience is the first European cultivated seafood startup. The company is developing fish meat, using adult stem cells of a fish cultivated in a bioreactor with nutrient rich medium. Using scaffolds, the startup scales up the fish cells to form a biomass that is later developed into an end product.
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  <p>
    In May 2021, the startup received an investment from Delivery Hero-backed DX Ventures as part of its seed funding round. The proceeds will be used to commercialize Bluu Biosciences' cell-cultured fish products into kitchens and restaurants across Europe and other international markets. Earlier in the year (March 2021) it raised EUR 7 million (USD 8.24 million) from Manta Ray Ventures, Norrsken VC, Be8, CPT Capital, and Lever VC. The startup aims to become Europe’s first commercial seller of cultivated salmon, trout, and carp.
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Bluu Bioscience

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  <p>
    Finless Foods is a startup using cellular biology to grow seafood. The startup is developing cultured fish meat from cells extracted from fish that are grown into muscle and fat cells in a bioreactor filled with a serum-free media. Finless Foods claims to be using a single system (one bioreactor) to grow cells with changes to the growth media in different cell growth steps, whereas some startups change the cultured meat to a different growth media once the cell starts inducing. Finless Foods plans to develop cultured bluefin tuna meat, followed by other seafood such as sea urchin, eel, and pufferfish. 
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  <p>
    Finless Foods is also developing plant-based tuna, which is expected to be launched as its first commercial product to food service channels by 2022. The plant-based tuna is made from nine whole vegetable ingredients and is intended to replace sushi-grade raw tuna. 
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  <p>
    In September 2017, the startup unveiled the world's first cultured fish meat. In 2019, Finless Foods, in collaboration with a Russian space mission and 3D Bioprinting Solutions, produced small spheres of fish cells in the International Space Station. The team used the bioprinter to arrange the cells into a 3D structure, once the cells grew to a certain density. The startup as of June 2021, was  working toward gaining regulatory approval for its cultured bluefin tuna meat to launch the product in foodservice spaces across the US in 2022, followed by Japan, China, and Singapore.
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Finless Foods

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  <p>
    Planetary Foods is a startup developing cell-cultured seafood products. The startup has not disclosed any information, and seems to be in stealth mode.
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Planetary Foods

Disruptor Funding History

2014

2015

2016

2017

2018

2019

2020

2021

Making meat sustainable over the long term.

Cell Cultured Meat

<h3>Investments and collaborations provide industry entry for leading meat producers</h3><p>Cell-cultured meat production is a novel technology that only a few startups have achieved, and as such, incumbents in the industry have not yet demonstrated much expertise in the field. Hence, most incumbents have entered the space through strategic investments and partnerships. On the other hand, cell-cultured meat startups lack the expertise in the relevant supply chains, most notably in raw material sourcing, which has in turn driven the need for partnerships with incumbents.</p>

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  <p>
    Tyson Foods is the market leader in US meat and poultry production with around 22% and 21% of each market, respectively. In 2016, the company launched Tyson Ventures LLC with an initial fund of USD 150 million. The fund’s mission of investing in sustainable food brands led to investments in cell-cultured meat startups Memphis Meats and Future Meat Technologies.
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    The venture fund also invested in Beyond Meat, but exited its 6.52% stake in April 2019—one month before its May 2019 IPO. In September 2019, Tyson Ventures invested in New Wave Foods, a startup developing plant-based shrimp. Tyson Ventures has also invested in Big Idea Ventures, a seed fund making investments in alternative protein startups.
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Tyson Foods

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  <p>
    Cargill is one of the largest beef, pork, and poultry producers in the US. In 2017 Cargill invested in Memphis Meats’ Series A and B funding rounds. In 2019, the company invested in another cell-cultured meat startup, Aleph Farms.
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Cargill

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    Netherlands-based Nutreco is an animal nutrition and aquafeed supplier. In January 2020, the company entered into a strategic partnership with Mosa Meat, a cell-cultured meat startup developing cultured beef, to explore possibilities of producing low cost feeds to replace fetal bovine serum (FBS) for cell-culture production. The partnership also included an investment from Nutreco in Mosa Meat.
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  <p>
    Nutreco also entered into a strategic partnership with BlueNalu in January 2020. BlueNalu is a startup developing cell-cultured fish meat. While acting as a global supply chain partner for BlueNalu, Nutreco will leverage its expertise to improve nutrient sourcing and production of cultured fish. The two partnerships are made through Nutreco’s strategic innovation and investment team, NuFrontiers.
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Nutreco

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  <p>
    Formed in 2019, Matrix Meats is a joint venture between Nanofiber Solutions and the venture capital firm Ikove Capital. Nanofiber Solutions develops electrospun nanofiber substrates for cell culture and drug development applications. Matrix Meats develops nanofiber scaffolds for the production of cell-cultured meat. Matrix Meats’ nanofiber scaffolds enable cell-cultured meat producers to culture muscle and fat together in the same bioreactor, with the ability to differentiate stem cells to muscle cells or fat cells. The technology is compatible with both induced pluripotent stem cells (immature cells)  as well as adult stem cells. The startup has more than 50 issued and pending nanofiber solution patents and is expected to unveil a cultured piece of steak produced in partnership with an undisclosed cell-cultured meat producer by the end of 2020.
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Matrix Meats

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  <p>
    Bell Food Group, a leading Swiss meat processor and consumer packaged goods supplier, has continued to invest in Mosa Meat since its first investment back in 2018. It invested EUR 5 million (USD 5.9 million) in Mosa Meat’s latest Series B funding round in September 2020, increasing its total investment to USD 7 million, up from its earlier July 2018 investment of EUR 2 million (USD 2.4 million).
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Bell Food Group

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  <p>
    PHW Gruppe, a leading poultry producer in Germany, entered into a strategic partnership with the cell-cultured chicken startup, SuperMeat in January 2018, after investing in the startup’s seed funding round. PHW Gruppe will manage the marketing and distribution of SuperMeat’s products in Europe while also providing R&D support.
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PHW Gruppe

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  <p>
    M Industry, a subsidiary of Migros Group, the largest retailer and supermarket chain in Switzerland,  is a producer of food and non-food products that are exported to over 50 countries. The company also produces meat and fish products for the Swiss market. In 2019, M Industry invested in the cell-cultured meat startup Aleph Farm’s Series A funding round.
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M Industry

Investment

Partnership

The Incumbents

Based in Israel, Future Meat Technologies develops hardware and cell lines for the manufacturing of cell-cultured meat, with intentions of commercializing its manufacturing hardware and techniques.
  
  
    Future Meat Technologies uses fibroblast cells that can be triggered with small molecules to develop either fat or muscle cells. Fat and muscle cells are cultured in a unique bioreactor that removes the waste material from the media, allowing Future Meat Technologies to recycle parts of the media with the aim of reducing feed media input by as much as 50%. The startup has replaced FBS with molecules derived from Chinese Hamster Ovaries (CHO), reducing production costs. The startup has managed to reduce production costs to USD 150 per pound for chicken and USD 200 per pound for beef. According to founder Yaakov Nahmias, a refrigerator-sized bioreactor has the capacity to produce approximately half a ton of muscle and fat every 14 days. In May 2021, the startup reduced the cost of cell-cultured chicken by 50%; USD 4 per quarter-pound serving from USD 7.50 to achieve price parity with animal counterparts in eight years. Future Meat Technologies intends to further slash down the cost to below USD 2 and launch its product in the US by 2022.
  
  
    In June 2021, Future Meat Technologies opened what the company is calling the world's first “industrial” cell-cultured meat facility. The facility has a production capacity of 500 kg of cultured meat per day (equivalent to around 5,000 hamburgers); and currently produces cultured chicken, pork, and lamb, with beef production expected to begin soon. The startup is in the process of approving the facility with regulatory agencies and is also looking at several locations in the US for future expansion. Future Meat Technologies’ first product is expected in 2022 as a blend of 45-60% cell-cultured chicken and/or lamb and 40-55% plant-based meat. Besides US and Europe, Future Meat Technologies has plans to debut in Asia, with China and India as its primary markets. 
  
  
    In its latest Series A funding round in February 2021, the company raised USD 26.8 million in convertible note funding from S2G Ventures, ADM Capital, Emerald Technology Ventures, Manta Ray Ventures, and Bits x Bites, among others. The proceeds are expected to be used to accelerate Future Meat’s cultivated meat production and expand its research and development activities and team.

Innocent Meat is a German cell-cultured meat startup. The company is developing a novel technology to grow animal cells in bioreactors using a plant-based cell media. The startup recycles the cell media by eliminating waste products in each cycle, keeping the required media volume low and reducing operating cost. Innocent Meat uses biodegradable and digestible scaffold which helps keep costs down. The startup claims its technology will be able to keep growth cycles short and fast, allowing the production of meat in just a few days. Innocent Meat is currently developing a plug-and-play technology for meat manufacturers to produce cell-cultured pork (specifically minced pork).

Luyef Biotechnologies is a food tech startup developing technologies for cell-cultured meat producers to industrialize production. The startup intends to licence its B2B technologies to cell cultured meat startups.

Cultured Blood is a startup developing a viable, artificial blood circulation system, to support cultured meat production. The startup aims to keep simple organs cultured from cells alive using their artificial blood circulation system, which allows to grow animal cells outside the FBS and other animal-sourced growth media. No commercialization date is made available by the startup.

Cellular Agriculture is a startup developing novel bioreactor technologies to enable industrial production for cell-cultured meat startups. Concentrating on industrial applications, the startup has developed "Hollow Fibre Membrane Bioreactor" technology, that has proven the concept of cultured meat production. The startup claims that its bioreactor is 200 times smaller than existing industrial bioreactors and is 70% less costly to operate. The company is scaling the technology to suit industrial scale cell-culture meat production; no commercialization date has been announced.

Aleph Farms is a startup developing cell culture meat using animal cells. In 2018, Aleph Farms unveiled its first cell cultured steak. The startup was successful in taking this achievement even further by growing cells on a textured soy protein scaffolding in 2020. The cells were left for three to four weeks to naturally multiply and grow, forming into a slice of steak. In February 2021, the startup collaborated with the faculty of Biomedical Engineering at the Technion - Israel Institute of Technology, to launch the world’s first cell-cultured ribeye steak. The company claims that its cell-cultured ribeye steak is thicker than its first product, thin-cut steak, unveiled in 2018. 
  
  
    In September 2019, the startup collaborated with 3D Bioprinting Solutions to bioprint a small scale muscle tissue onboard the International Space Station. In October 2020, Aleph Farms announced the launch of a program to establish long-term partnerships with space agencies and tech companies to integrate its meat-growing innovations into space programs. The aim of the program is claimed to discover meat growing technologies in the most harsh and remote environments.
  
  
    In March 2021, Aleph Farms signed a Memorandum of Understanding (MoU) with one of the world’s largest beef producers, BRF, to launch its cell-cultured beef in Brazil. BRF will leverage Aleph Farm’s patented 3D-bioprinting platform, BioFarm, to co-develop and export its cell-cultured meat. A part of the BRF’s 2030 Vision strategy, the partnership is expected to produce over BRL 100 billion (USD 18.5 billion) in revenue by 2030.
  
  
    In January 2021, Mitsubishi Corporation's Food Industry Group in Japan signed a Memorandum of Understanding (MoU) with Aleph Farms, to launch cell-cultured beef in Japan. Mitsubishi will provide its manufacturing expertise to produce cultured beef, using Aleph Farm’s manufacturing technology “BioFarm”, to grow cells using the 3D tissue engineering platform and design according to the preferences of the Japanese market.
  
  
    In its latest funding round in July 2021, the startup raised USD 105 million in a series B funding round led by L Catterton and DisruptAD (venture arm of Abu Dhabi holding company ADQ) with participation from Skyviews Life Science, Thai Union, BRF, and CJ CheilJedang amongst others. Aleph has now raised a total of 119.4 million. The startup plans to utilize the funds to scale manufacturing, expand its product portfolio and facilitate the global commercialization of its cell-cultured steak ahead of a 2022 launch. Further DisruptAD plans to set up an Aleph Farm manufacturing facility in Abu Dhabi to supply cell-cultured meat across the UAE and other Gulf states.

Mission Barns develops animal fat using cells from living animals. The startup has developed two products as of October 2020; Mission Bacon, produced with cultured pork fat and plant-based proteins, and Mission Fat, produced from cultured animal fat cells.  Mission Barns believes animal fat contains much of the distinguishable flavor of meat and that mixing it with other components could produce a close alternative to real meat. Similar to other cell-cultured startups, Mission Barns uses a custom-made nutrient serum and cultivates fat cells in large bioreactors.
  
  
    In September 2018, Mission Barns produced duck sausages by mixing cultured duck fat with other ingredients, but the product is not yet commercially available. The company expects to develop additional structured products such as duck breasts and steak in the future. In August 2020 the startup was preparing for a curbside taste test of Mission Bacon in front of some restaurants in Oakland and San Francisco.
  
  
    In April 2021, Mission Barns raised USD 24 million in a Series A funding round. The proceeds will be used to scale up the company’s cell-cultured fat technology and to build a pilot production facility in the Bay Area.

CellulaREvolution, a spin-off from Newcastle University, is a cell-culture biotechnology startup focusing on developing two products that could ultimately bring down the cell culture production cost: a synthetic peptide coating that allows for serum-free cell culturing, and a bioreactor that can continuously produce cells in a serum-free environment. CellulaREvolution’s bioreactor would enable a high-yield, low-input continuous cell culture system. The preliminary data suggests this could be achieved over a 30-day period; twice as much cell production can be achieved in a bioreactor that is six-times smaller compared to the batch production. According to the company, its technologies can be used in cultured meat production, cell therapy, and biologics.
  
  
    CellulaREvolution plans to make its first sales through the supply of bioreactors and continuous growth mediums, with a revenue model consisting of direct purchase, maintenance, and service agreements. The startup is also considering lease agreements as a potential revenue model.
  
  
    In its latest funding round in February 2021, the startup raised GBP 1 million (USD 1.4 million) from investors, including Orange Light Ventures, CPT Capital, and the Northern Accelerator Seed Investment Fund. The funding is expected to accelerate the development of CellulaREvolution’s products. The startup also won multiple grants from the UK government, with a disclosed value of over GBP 200,000 (USD 275,000).

Cubiq Foods is a startup developing cultured fat. The company plans to release two products to the market by the end of 2020; Cubiq Smart Omega-3 and Cubiq Smart Fat. In 2019, Cubiq and Mosa Meats were in discussion of a collaboration that could lead the way to new product launches. In May 2020, the startup raised USD 5 million led by Blue Horizon Ventures and Moira Capital Partners. Funding will be leveraged to accelerate development of current products and develop new revenue streams.

BioTech Foods is a startup specializing in the development of cultured meat. The company uses cell culture technology in which animal cells are humanely extracted from pork and proliferated in a bioreactor with breeding medium under controlled atmospheric conditions of 37 degrees. The process does not involve any genetic modification or antibiotics. To facilitate growth, the startup feeds the cells minerals, salt, and proteins. 
  
  
    BioTech Foods’ cultured meat is available via B2B channels with its neutral tasting animal protein paste used in applications such as sausages, burgers, nuggets, meatballs, and ham. In 2018, BioTech Foods developed Ethicameat, a cultured meat label intended to carry BioTech Foods products once they are commercialised. Ethicameat products are high in protein and fat-free due to the elimination of fat cells during production. Ethicameat has developed early prototypes of meatballs and chicken cutlets. 
  
  
    In January 2021, the Spanish Government granted EUR 3.7 million (USD 4.5 million)—out of EUR 5.2 million (USD 6.3 million) for the project—to a consortium led by BioTech Foods to investigate the potential health benefits of cellular agriculture.

Hoxton Farms is a startup developing cell-cultured fat using machine learning and “in silico modelling”- the use of computational approaches to model pharmacologic or physiologic processes. The startup humanely extracts a biopsy from an animal and creates cultures/cell lines from adult stem cells under controlled conditions. The culture is kept in a bioreactor where the cells proliferate into fat cells. The fat cells are then harvested for use in meat analogues. The company claims that the cell-cultured fat is a replacement for plant-based oils which creates an undesirable taste and cooking experience.
  
  
    Hoxton Farms won the food and drink category award at the Royal Society of Chemistry’s Emerging Technologies competition 2020 and prize money of GBP 20,000 (USD 27,450). The startup also received a grant of GBP 20,000 (USD 27,450) for business acceleration. Hoxton Farms expects to utilize the prize money and the grants, along with its planned first round of funding, to expand its team in London and to build its own R&D lab.

Multus Media is a spin-off of SOSV’s IndieBio program, which is developing growth media for cell-cultured meat production. As of October 2020, Multus Media is developing its first product, Proliferum M, using proprietary ingredients that are undisclosed. Proliferum M is expected to perform similar to FBS, but at a lower cost, and can be produced at scale for industrial usage. The company plans to launch Proliferum M to the market by the end of 2021 and expand production by the end of 2022. Multus Media hopes to expand into a whole catalog of standardized growth media for all cell types from its current focus on mammalian cell proliferation (cultured beef and pork). The startup also hopes to reduce the cost of a liter of growth media to less than a dollar by 2026, compared to USD 200 per liter of FBS. The startup is planning to test the product in Europe initially and later expand globally to North America, China, and Singapore
  
  
    In July 2021, the startup raised a GBP 1.6 million (USD 2.2 million) seed round from SOSV, Zero Carbon Capital, Marinya Capital, and angel investor Sake Bosch. The round also includes a GBP 106,000 (USD 146,000) equity-free grant from the UK Research and Innovation Council.

biftek.co, based in Turkey is a startup developing growth media for cell cultured meat production. The company intends to replace the common growth media used in cell cultured meat production, the fetal bovine serum (FBS) with its plant-based growth media. The plant-based media is expected to be only a fraction of what FBS costs, which usualy accounts for around 80% of the cell cultured meat production cost.

Founded in 2017, MeaTech develops proprietary 3D printing technology to produce cell-cultured meat. As of July 2021, the company claimed to have developed beef and chicken cell lines and plans to expand to cultivated pork.
  
  
    In August 2020, the startup successfully printed a single layer of tissue proving it’s able to separately grow muscle and fat stem cells and combine them into a single structure. In December 2020, MeaTech announced the acquisition of Peace of Meat, a cell-cultured chicken and duck fat developer based in Belgium for EUR 15 million (USD 18 million). In the same month, the startup successfully 3D-printed a cultured beef fat structure composed of bovine fat cells and bio ink. The edible structure printed using fat cells and bio ink had a height of 10 millimeters. MeaTech plans to license out its proprietary 3D-printing technology, biotechnology processes, and customizable manufacturing processes of producing cell-cultured meat to food processing and food retail companies.
  
  
    Peace of Meat claims to be the first manufacturer in Europe to produce a non-GMO stem cell line. In March 2020, the startup was successful in producing 20 grams of fat as proof of concept in their 200 square meter facility near Brussels. Starting Q4 2020 Peace of Meat plans to begin supplying the fat to food businesses for combination with plant-based ingredients to produce meat analogs that are much closer in texture, taste, and mouthfeel to real meat. The startup expects its cultured fat will give way to products such as nuggets, burgers, and meatballs that will be available in supermarkets by 2023. Peace of Meat plans to produce 100,000 tonnes of fat annually by 2030, at a target price of USD 6 per kg, a steep price cut from its current production cost of USD 350 per kg. 
  
  
    The startup filed a provisional patent application with the US Patent and Trademark Office (USPTO) in June 2021. MeaTech has sought patent protection for its novel 3D bioprinting method that allows for enhanced control of the size, volume, and optimal placement of droplets during a multi-layered bioprinting process. The company has also registered for intellectual property rights protection for its business and technologies in the US and overseas. MeaTech currently has a portfolio of six provisional and non-provisional pending patent applications with the USPTO and the World Intellectual Property Organization (WIPO).
  
  
    In May 2021, MeaTech announced plans to launch a pilot plant facility in Belgium in 2022 to scale the production of cell-cultured chicken fat. Peace of Meat will leverage its technologies to produce cultured chicken fat at the new facility for use in industry collaborations. Ultimately, MeaTech intends to implement its 3D printing technology to produce real cuts of cell-cultured meat such as steak and chicken breast. The startup also announced a partnership with Tiv Ta’am in July 2021, to jointly develop new cell-cultured pork products, construct a new facility, and distribute the products to consumers. Tiv Ta’am, a major supermarket chain and Israel’s largest non-kosher pork and meat producer, will also have the distribution and marketing rights for Meaech’s cell-cultured pork products in the Israeli market and, potentially, global distribution rights as well.
  
  
    During its latest H1 2021 earnings update, MeaTech reported an EPS loss of USD 0.06 vs an EPS loss of USD 0.26 a year ago. The operating loss of USD 6.7 million widened by USD 3.9 million YoY due to increase in research and development, and administrative expenses. MeaTech’s research and development expenses over the period reached USD 2.1 million compared to USD 0.9 million in H1 2020, reflecting the company’s ongoing investment in research and development. Cash and cash equivalent holdings stood at USD 30.6 million as of Jun 30, 2021, up from USD 17 million reported in H1 2020—mainly driven by the company’s March 2021 NASDAQ IPO.
  
  
    2,427,185 American Depositary Shares (ADS) of MeaTech were listed on the NASDAQ in March 2021 under the ticker “MITC” at a price of USD 10.30 each for total gross proceeds of USD 25 million. Including the underwriter exercise of an option to purchase up to an additional 364,077 ADS, MeaTech raised around USD 25.4 million through the IPO. MeaTech intends to use the funding to develop new technologies, fund acquisitions, fund working capital requirements, and maintain other general corporate activities. The startup is currently listed on the Tel Aviv Stock Exchange under the ticker MEAT.

Avant Meat is the first Chinese cellular aquaculture startup specializing in developing cell-cultured fish using piscine protein. Avant Meat uses advanced cell technology to cultivate fish cells under controlled conditions and produces seafood products such as fish maw (sourced from critically endangered fish species Bahaba- croaker fish and Totoaba) and sea cucumber. In November 2019, Avant Meats held its first public tasting of its cultured fish maw at the Future Food Summit in Hong Kong. In November 2020, Avant Meats unveiled Asia’s first cultivated fish fillet. Avant Meat intends to officially launch its first product (cultured fish maw) by the end of 2022, followed by other cultured fish foods. In March 2021, the startup announced that it was able to cut its production costs by 90%, and a partnership with the Chinese biopharmaceutical company QuaCell will bring costs down by a further 75%.
  
  
    In September 2021, Avant Meats partnered with Singapore’s tech innovation agency, A*STAR, to set up a joint research lab to optimize and scale-up cell-cultured fish production, possibly leading to a pilot facility by 2022. The startup expects the new lab would allow it to realize process efficiencies and cost reductions for fish cells initially, which can  be implemented into other cell types later as well. Avant Meats intends to launch its cell-cultured fish maw and fillet in retail outlets by 2025, subject to gaining regulatory approval from the Singapore Food Agency (SFA).  
  
  
    In its latest funding round in December 2020, the startup raised USD 3.1 million in seed funding with participation from China Venture Capital, AngelHub, ParticleX, Lever VC, CPT Capital, Loyal VC, Artesian, and 208 Seed Ventures. Vietnam-based seafood company Vinh Hoan Corporation (VHC) acquired a stake in Avant Meats in January 2021, to accelerate the commercialization of Avant Meat’s products by leveraging VHC’s industrial production capabilities and global sales network.

Eat JUST (formerly Hampton Creek prior to 2018) is a food technology company founded in 2011 that initially developed plant-based alternatives such as JUST Mayo made from yellow peas and JUST Egg made from mung bean, before expanding to developing cell-cultured chicken and beef. In 2018 the startup developed cell-cultured chicken nuggets that cost USD 50 each to produce. In December 2020, the company became the first ever startup in the world to sell cultured meat following the approval from the Singapore Food Agency; Eat JUST made the sale to 1880, a restaurant located in Robertson Quay in Singapore. The cultured meat is sold under Eat JUST’s “GOOD Meat” brand. In April 2021, Eat JUST collaborated with the food delivery partner- Foodpanda for the world's first home delivery service of cell-cultured meat in Singapore, produced under its GOOD Meat brand. The dishes were prepared by 1880 and include Katsu Chicken Curry, Chicken Coconut Rice, and Chicken Caesar Salad; priced for SGD 20 (USD 15) starting on Earth Day (April 22). GOOD Meat’s cell-cultured meat is also expected to be featured at JW Marriott Singapore South Beach, from mid-May. 
  
  
    The company is also working towards gaining approval elsewhere in the world for sale of it’s cell-cultured meat, including the US. In September 2021, the startup stated that the authorities in Qatar intends to grant regulatory approval for the sale of cell-cultured meat in Qatar “very soon”; while announcing plans to build a commercial plant to produce cell-cultured meat in the country in partnership with the Doha Venture Capital and the Qatar Free Zone Authority. Qatar Investment Authority joined GOOD Meats’s board after leading a funding round in March 2021. The startup is also expected to build two manufacturing facilities in Northern California and Singapore to scale up the production capacity to more than 50,000-liter vessels of lab-grown chicken in North America and Asia (from the current 1,200 liters).
  
  
    In June 2021, Eat JUST announced plans to launch an initial public offering (IPO) in Q4 2021 or early-2022; which  is expected to bring the company’s valuation to more than USD 3 billion, up from the USD 2 billion valuation reached in October 2020.
  
  
    In its latest funding in September 2021, GOOD Meat raised an additional USD 97 million on top of the USD 170 million it raised in May 2021, raising the total funds secured in the round to USD 267 million. Participants of the round included new and former investors such as UBS O’Connor, Graphene Ventures, K3 Ventures, Resilience reserve, and individual investor Fernando Chico Pardo. GOOD Meat intends to use the funds to expand its research and development in cell-cultured meat products. 
  
  
    In May 2021, Eat JUST was named as the “World-Changing Company of the Year” by the 2021 World-Changing Ideas Awards.

Founded in 2015, UPSIDE Foods (formerly Memphis Meats prior to May 2021) is a food technology startup developing cell-cultured meat. In 2016, UPSIDE Foods introduced the world’s first cell-based meatball, followed by the world's first cell-based poultry in March 2017. 
  
  
    In 2017, the startup announced the cell-cultured meat cost around USD 9,000 per pound to produce. In 2018, UPSIDE Foods claimed the cost had fallen to USD 1,000 per pound. In January 2020, UPSIDE Foods discontinued the use of FBS, following the development of an alternative method, with the aim of reducing production cost. In May 2021, UPSIDE Foods announced the launch of its first consumer product “UPSIDE Chicken”, which will be available in 2021, pending regulatory approval. Production is expected to begin at its pilot manufacturing facility in the San Francisco Bay Area by the end of 2021.

Gourmey is a startup developing foie gras using cell culture technology. The startup is developing cell-cultured foie gras using cells from a duck egg grown in a cultivator with feed media matching the nutrients of a duck's natural diet. Once the cells are multiplied, the company adjusts the nutrients in the media, increasing the plant based fats to replicate the effects of forced feeding at the cellular level. Gourmey has not unveiled a prototype or stated an expected market entry date for its product. In July 2021, the startup announced development of “Structured restaurant-grade meats” including poultry filets in the style of duck, chicken, and turkey. Gourmey is said to be co-developing the product line with chefs ahead of a soft launch in various restaurants.
  
  
    In July 2021, the startup raised EUR 8.4 million (USD 10 million) in a seed funding round co-led by Point Nine and Air Street Capital with participants Heartcore Capital and Partech. Other notable participants include the Bpifrance and European Commission. Gourmet said the cash would help scale up production in Paris and prepare for the global commercialization which is expected to be by late 2022 or early 2023.

SuperMeat is a cellular agriculture startup developing cultured chicken meat. The company hopes to initially launch blended products that will include both plant-based and cell-cultured meat (70% plant-based meat to 30%  cell-cultured meat) offering a better taste profile than plant-based meat while costing less than 100% cell-cultured meat. 
  
  
    SuperMeat filed a patent application in April 2018, covering the manufacturing of blended products by combining cell-cultured chicken and plant-based meat. In November 2020, the startup opened the world’s first cell cultured meat restaurant in Tel Aviv to give the opportunity to select diners to taste its products. The establishment operates similar to a test kitchen, for SuperMeats products that are still in the development phase.
  
  
    In January 2018, SuperMeat entered into a strategic partnership with PHW, one of Europe's biggest poultry producers. According to the partnership, PHW will support SuperMeat in R&D and strategic positioning of their products in Europe.

Dutch company Mosa Meat is a cell-cultured meat startup, founded by Dr. Mark Post of Maastricht University, who produced the world's first lab grown meat burger in 2013. The startup produces meat by growing myosatellite cells (muscle stem cells) extracted from an animal in a bioreactor fed with nutrient-dense medium.
  
  
    In May 2021, Mosa Meat announced that it was able to reduce the cost of its cell-cultured fat by 66x, setting it on track to achieve price parity with conventional meat. Mosa Meat successfully replaced the fetal bovine serum (FBS) from its growth medium in July 2020, which led to an 88x cost reduction in its medium. According to the company, the replacement of FBS and the selection of the cheapest suppliers have contributed to the 66x reduction in the cultured fat cost. The company claims its fat medium is now only 1.52% of the cost reported in September 2019. The startup expects to bring down the production cost and price of the burger to EUR 9 (approximately USD 10) at commercialization from the initial EUR 250,000 (approximately USD 297,000) per burger cost in 2013.
  
  
    In its latest funding round in February 2021, Mosa Meat has raised USD 10 million in a third Series B funding round led by Blue Horizon Ventures and existing and new investors, including Nutreco and Jitse Groen. The new funds increase the total funds secured in the Series B round to USD 85 million. Mosa Meat intends to utilize the fresh funding to scale up its production, expand its pilot plant facility, expand its labor force, develop an industrial-sized production line, and commercialize its products to consumers. The startup plans to commercialize their product by 2022 and to commission the first high-volume production plant by 2025.

Mirai Foods is a cellular agriculture startup developing cultured beef. The startup cultivates meat directly from stem cells sourced from animals. Mirai Foods hopes to initially produce minced beef with plans of expanding into other meats in the later stage. The startup plans to cover the entire value chain including R&D, production, marketing, and distribution.
  
  
    In its latest funding round in March 2021,  the startup raised an additional EUR 1.8 million (USD 2.15 million) in the second tranche of its seed funding from FRIBA Investment, Skyviews Life Science, Ulf Claesson, Paulig, and Team Europe. This brings the total funds raised by the startup to EUR 3.7 million (USD 4.41 million). The proceeds will help accelerate Mirai Foods’ cultivated meat production with a new pilot production lab and also help bring to market the company’s first lab-grown meat, a cultured beef product.

Lab Farm Foods is a cell-cultured meat startup focused on developing cultured beef. The startup's founder Tiziano Barberi, a stem cell biologist, developed a technology to efficiently generate and expand muscle cells from pluripotent stem cells for possible use in regenerative medicine, eventually leading to the establishment of Lab Farm Foods.

Based in the Netherlands, Meatable is a startup developing cell-cultured meat. The startup uses pluripotent stem cells, which have the ability to convert to muscle or fat cells without FBS or CHO mediums. Meatable’s proprietary technology was developed in collaboration with Roger Pedersen, a stem cell biologist and founder of the University of Cambridge's Stem Cell Institute, and Mark Kotter, a Cambridge neurosurgery clinician scientist.
  
  
    Meatable sources stem cells from animals' umbilical cords, avoiding taking pieces of tissue from live animals. The startup plans to start producing beef burgers and sausages before expanding to chicken and pork products. According to the startup, their proprietary technology can be further developed to allow scaling to more complex products like steak. The startup has entered into a joint development agreement with Royal DSM to develop cost-effective growth media for cultured meat production; that could facilitate the scale up in production and be affordable at the same time.
  
  
    In its latest funding round, Meatable raised USD 47 million in a Series A funding round from a consortium comprising Dr. Rick Klausner, Section 32, Dr. Jeffrey Leiden, DSM Venturing, and existing investors, including BlueYard Capital, Agronomics, Humboldt, and Taavet Hinrikus. This brings the total funds raised by the company to USD 62.9 million. The proceeds will help advance small scale production at Biotech Campus Delft and help commercialize its first lab-grown meat products.
  
  
    Meatable plans to complete the development of a small pilot facility by 2022 and have an industry-scale plant by 2025.

Artemys Foods is a startup developing cell-cultured beef. The startup uses pluripotent stem cells that differentiate into muscle or fat cells, which it separates into different bioreactors to cultivate. With the successful production of cultured beef, the company plans to launch the Artemys Burger–made from a blend of plant-based meat and cell-cultured meat by late 2020. The startup believes it will be difficult to replicate the texture of beef burgers just by combining muscle and fat cells, without the connective tissues. Hence, it sees blending muscle cells and fat cells with plant-based proteins as the best method to replicate the beef burger.

California-based Orbillion Bio is a cell-cultured meat producer developing wagyu beef, elk, sheep, and American bison. The startup uses advanced bioprocessing techniques and machine learning algorithms to create cell lines in bioreactors, isolate cells, and culture media best suited for producing premium meat analogs. The company intends to open a USD 3.5 million pilot production facility by the end of 2022 and debut ground Wagyu beef as its first commercial product in 2023. Orbillion Bio intends to initially distribute its products via high-end US restaurants and retailers.  
  
  
    In August 2021, the startup raised a USD 5 million seed round from One Ventures, Metaplanet Holdings, European Nucleus Capital, FoundersX Ventures, Prithi Ventures, Outset Capital, Quiet Capital, Beresford Ventures, DVC, and a group of angel investors. The startup is also the first cell-cultured startup to receive an investment from the Y Combinator startup accelerator. 
  
  
    Orbillion Bio is a member of The Alliance for Meat, Poultry, and Seafood Innovation alongside other alternative meat companies such as Finless Food and BlueNalu.

Ballectic Foods is developing cell-cultured beef from muscle stem cells. The startup is in stealth mode.

Founded in 2019, Seawith is a South Korean startup developing cell-cultured steak made with a proprietary microalgae-based growth media and scaffolding developed from seaweed. “Yo.od”, Seawith’s first product, is a low-iodine seaweed marketed toward consumers with low-iodine resistance and high-iodine sensitivity. 
  
  
    Seawith’s “Welldone” cultured steak is expected to advance to the industrialization stage following a funding injection in July 2021. Seawith has already replaced 90% of traditional growth media with its own media and expects that reaching a 100% replacement level will help it reach its target cost of USD 3 per kg by 2030.
  
  
    The startup plans to close its Series A funding round in September 2021 at an estimated size of USD 7 million. Seawith expects to use the funding to obtain a larger bioreactor to facilitate industrial-scale production and obtain necessary registrations from agencies including the US Food and Drug Administration FDA and Hazard Analysis Critical Control Points (HACCP).

HigherSteaks, based in the UK, uses cellular agriculture to grow pork from animal cells. The startup grows induced pluripotent stem cells in a bioreactor feeding an animal-free growth media. HigherSteak plans to first develop cell-based sausages, followed by cultured bacon and later pork chops. In July 2020, HigherSteaks unveiled the world's first lab-grown pork belly prototype and the second cell-based bacon (behind Mission Barns cell-based bacon unveiled in early 2020). The pork belly and the bacon were produced from a combination of cell-cultured muscle and plant-based proteins and fat. HigherSteaks spent one month producing the two products. The company plans to commercialize its products by 2022-2025. The startup has been bootstrapping operations since it was founded in 2017.

New Age Meats is a cell-cultured meat startup developing cultured pork. In a private tasting held in 2019, the startup unveiled its first product, a pork sausage made from cultured meat. As of November 2020, New Age Meat has not announced any product release dates.
  
  
    In its latest funding round in September 2021, New Age Meat raised USD 25 million in a series A funding round led by Hanwha Solutions and participation from returning investors such as SOSV's IndieBio, TechU Ventures, ff VC, and Siddhi Capital. The startup plans to use the funding for new recruitments— doubling the workforce, building a 20,000 sqft pilot production facility in California, and improving the taste of its first product in development— a hybrid sausage product made using both cell-cultured meat and plant-based meat. New Age Meats expects to commercialize its product in the US by 2022, subject to gaining approval from the federal regulators.

Vow Foods is an Australian startup that develops cell cultured meat, focusing on replicating meats from exotic animal species. Vow has a cell library of 11 different animals, which include animals such as alpaca, water buffalo, and kangaroos. The company is the world’s first to make cultured meat from the cells of an undomesticated animal—in this case kangaroo. In 2019, the startup did a taste testing of its kangaroo dumplings. Later in September 2020, the startup held a tasting event with cultured meat developed from six different animals: kangaroo, alpaca, goat, pork, rabbit, and lamb.
  
  
    In its latest seed funding round in January 2021, Vow Foods raised USD 6 million from Square Peg Capital, Blackbird Ventures, Grok Ventures and Tenacious Ventures. The startup expects to utilize the new funds to accelerate the production of its alternative meats from its upcoming new food design studio and laboratory in Sydney.

Fork & Goode is a cell-cultured meat startup based in New York focused on producing cell-based pork. The startup is a spinoff of Modern Meadow, a cellular agriculture biomaterial company that produces a bioleather material called Zoa. In June 2020, the startup was granted a patent for their novel bioreactor system that provides a low-cost alternative for FBS and recombinant growth factors.

CellX is a cell-cultured meat startup based in China— one of three startups developing cell-cultured meat in the country as of September 2021. The startup is one of the semifinalists of the 2021 XPRIZE foundation challenge— “Feed the Next Billion”. In 2021, the startup unveiled a selection of dishes made with its cell-cultured pork, produced using cells from China’s native black pig. The company expects to have price-competitive commercial products by 2025. CellX also intends to expand into cell-cultured fish, as most of the demand for seafood comes from the Asia-Pacific region and is expected to rise further in the coming years.
  
  
    CellX raised USD 4.3 million in its latest round of funding in September 2021, led by the Chinese investors ZhenFund (Affiliated with the Menlo-Park-based tech VC that jumped started the likes of Apple, Google, and Instagram). The funds are expected to be used to drive the company’s research and development ambitions and expansion into the Chinese consumer market.

BlueNalu is a startup developing cultured seafood using cells of fish. The company grows the cells isolated from the fish tissue in a bioreactor with culture media, and assembles them into fish products. In December 2019, the startup hosted a culinary demo of its cultured yellowtail. In January 2020, the company announced a strategic partnership with Nutreco, one of the world's largest fish feed companies to accelerate the scaling of its cultured seafood. The company intends to bring its first product to the market by H2 2021.
  
  
    As one of its go-to-market strategies and to accelerate commercialization of cell cultured meat, BlueNalu has entered into partnerships with several food manufacturers. The startup has partnered with Mitsubishi Corporation and Thai Union to focus on the Asia-Pacific region, while the partnership with Nomad Foods focuses on Europe. Under each partnerships, the companies will collaboratively conduct market research on consumer insights in the regions, examine regulatory frameworks, and explore opportunities to accelerate the launch of BlueNalu’s cultivated seafood products across the regions.
  
  
    In its latest funding round in January 2021, BlueNalu, raised USD 60 million in convertible notes led by Rage Capital with participation from Agronomics, Lewis & Clark AgriFood, McWin, KBW Ventures, and Siddhi Capital. The startup expects to utilize the funding to set up  a 40,000 sq. ft. pilot production facility capable of producing 200 to 500 lbs of cell cultured seafood per week. The startup also expects to complete a FDA regulatory review for its initial cultured fish products.

Founded in 2018, Shiok Meat specializes in cell-cultured crustaceans such as shrimp, crab, NS lobster. The startup debuted cell-cultured its shrimp and lobster in November 2020 and expects to commercialize by 2023 in Singapore, followed by Hong Kong, Japan, South Korea, and Malaysia. 
  
  
    Shiok Meat expects to lower the cost of its cell-cultured shrimp before going to market with hopes of reaching a price of around USD 50 per kg (USD 22.7 per lb) by 2022, a steep reduction from the USD 1,500 per kg (USD 681.8 per lb) cost reported in July 2020. The startup has also stated that it can further reduce costs to reach a price target of USD 5 per kg (USD 2.3 per lb) in the future.
  
  
    In August 2021, Shiok Meat acquired Gaia Foods—a cell-cultured pork, beef, and mutton startup—for an undisclosed sum. Gaia Foods became the first startup in Southeast Asia to develop cell-cultured steak in October 2020. 
  
  
    In July 2021, Shiok Meat raised an undisclosed sum in a bridge funding round co-led by Vinh Hoan (a Vietnam-based leading seafood exporter), Woowa Brothers (operator of the leading South Korean food delivery app Baedal Minjok), and CJ CheilJedang (the food and beverage arm of South Korean CJ Group). The funding was earmarked for R&D and the construction of a new production facility, expected to be online by 2022, that will reportedly be the world’s first cell-cultured crustacean production plant with an initial product of minced shrimp. Back in 2020 Shiok Meat raised USD 12.6 million in a Series A funding round, bringing its total funding at the time up to USD 20.4 million.

Based in Germany, Bluu Bioscience is the first European cultivated seafood startup. The company is developing fish meat, using adult stem cells of a fish cultivated in a bioreactor with nutrient rich medium. Using scaffolds, the startup scales up the fish cells to form a biomass that is later developed into an end product.
  
  
    In May 2021, the startup received an investment from Delivery Hero-backed DX Ventures as part of its seed funding round. The proceeds will be used to commercialize Bluu Biosciences' cell-cultured fish products into kitchens and restaurants across Europe and other international markets. Earlier in the year (March 2021) it raised EUR 7 million (USD 8.24 million) from Manta Ray Ventures, Norrsken VC, Be8, CPT Capital, and Lever VC. The startup aims to become Europe’s first commercial seller of cultivated salmon, trout, and carp.

Planetary Foods is a startup developing cell-cultured seafood products. The startup has not disclosed any information, and seems to be in stealth mode.

Wild Type is a startup developing cell-cultured salmon meat. In 2019, the company unveiled the world's first cell-based salmon delivered in minced form. In September 2020, Wild Type showcased their latest sushi-grade sliced salmon. Wild Type’s salmon can be consumed raw or cooked.
  
  
    The startup filed a patent application in August 2018, covering the manufacturing systems and methods of producing cell-cultured food products including sushi-grade fish meat, fish surimi, foie gras. In their latest series A funding round in October 2019, Wild Type raised USD 12.5 million, led by the VC firm CRV. Funding will be allocated to accelerating product development. Wild Type plans to make its salmon available initially to sushi restaurants and before expanding to retail stores around the country. The timing of a commercial product launch has not yet been disclosed. 
  
  
    In June  2021, Wild Type unveiled a new 7,700 sq.ft cultivated seafood facility in San Francisco which also houses the world’s first tasting room of its type and an education center. The facility can produce up to 50,000 pounds of seafood annually with plans to ramp that figure up to 200,000 pounds at full capacity.
  
  
    Wild Type plans to initially focus on restaurants and has been taking pre-orders from chefs in the Bay Area since 2019. Wild Type eventually plans to make its salmon available in retail spaces including Costco, Trader Joes, and Walmart locations across the country.

Finless Foods is a startup using cellular biology to grow seafood. The startup is developing cultured fish meat from cells extracted from fish that are grown into muscle and fat cells in a bioreactor filled with a serum-free media. Finless Foods claims to be using a single system (one bioreactor) to grow cells with changes to the growth media in different cell growth steps, whereas some startups change the cultured meat to a different growth media once the cell starts inducing. Finless Foods plans to develop cultured bluefin tuna meat, followed by other seafood such as sea urchin, eel, and pufferfish. 
  
  
    Finless Foods is also developing plant-based tuna, which is expected to be launched as its first commercial product to food service channels by 2022. The plant-based tuna is made from nine whole vegetable ingredients and is intended to replace sushi-grade raw tuna. 
  
  
    In September 2017, the startup unveiled the world's first cultured fish meat. In 2019, Finless Foods, in collaboration with a Russian space mission and 3D Bioprinting Solutions, produced small spheres of fish cells in the International Space Station. The team used the bioprinter to arrange the cells into a 3D structure, once the cells grew to a certain density. The startup as of June 2021, was  working toward gaining regulatory approval for its cultured bluefin tuna meat to launch the product in foodservice spaces across the US in 2022, followed by Japan, China, and Singapore.

US cell-cultured meat addressable market to range between USD 77-211 billion

Market Sizing

Notable Investors

Big Idea Ventures works to solve the World's Greatest Challenges by Supporting the World's Best Entrepreneurs. Our first fund: New Protein Fund, supports companies in the plant-based, cultured and alternative protein ecosystem. The New Protein Fund combines capital and partnership to develop products, ingredients and technology in the plant-based category.

New Crop Capital is a specialized private venture capital fund. We invest in talented, focused entrepreneurs whose products or services replace foods derived from conventional animal agriculture, which we view as an antiquated and inefficient food production system with serious vulnerabilities. The meat, egg, and dairy sectors represent a $700 billion global market that is ripe for innovation and large-scale disruption.

SOSV is a global venture capital firm that operates early stage startup development programs. SOSV’s programs are focused on two broad areas. The first is revolutionary technology that promises the betterment of humanity and the planet. The second is cross-border markets, notably in Asia, that are ripe for explosive growth. The firm’s strategy is to invest in a small number of highly promising startups and use its deeply resourced programs to accelerate product development, acquire customers, and scale. SOSV companies consistently achieve funding led by top tier investors. SOSV joins seed, series A and later rounds while providing founders with ongoing support and community. The five programs work with 135 new companies each year. As of April 2021, SOSV had more than 1,000 portfolio companies and $970 million in assets under management. SOSV’s programs include hardware-oriented HAX and life-science driven IndieBio. Both offer deep technical expertise on-site as well as well-equipped lab and fabrication facilities. At Chinaccelerator and MOX, market-entry and product development experts help entrepreneurs win cross-border market opportunities across Asia. SOSV’s latest program, dlab, fosters new players in the blockchain ecosystem. Among the top companies in SOSV’s portfolio are NotCo, Perfect Day, Upside Foods (fka Memphis Meats), Yeelight, Opentrons, Shopal, Snapask, BitMEX and API3. On Earth Day—April 22, 2021—SOSV published the Climate Tech 100, a list of the firm’s top climate-focused investments working on solutions to climate change across five sectors: food, manufacturing, transport, energy, and buildings systems. Founder Experience SOSV programs review applications from all over the world, and any pre-seed or seed-stage company is welcome to apply. For most programs, SOSV provides $150,000 - $250,000 in exchange for a small amount of equity. Certain biotech startups may receive as much as $500,000 or more from the Genesis Consortium, a partnership between IndieBio and the Mayfield Fund. Founders usually spend 4 to 6 months in a uniquely formative cohort experience marked by intensive coaching from on-staff experts (including successful founders), regular workshops led by mentors and guests, and access to technical resources, including labs and other facilities needed for research and product development. No less remarkable than the rapid advances founders make in the programs are the deep and lasting friendships they form with fellow founders and staff. After a program’s completion, the SOSV partners continue working closely with founders to bring on lead investors for follow-on investment. Unlike most startup programs, SOSV continues to invest as a major syndicate participant—up to 20% of new rounds—in subsequent seed, series A and later investments. In a typical year, SOSV aims to invest at least twice as much in follow-on rounds as it does in its initial rounds with companies entering programs. In 2020, SOSV invested $46 million in post-program rounds; in total, SOSV portfolio companies in 2020 raised $1 billion. In addition to funding, SOSV continues to support the development of founders and their startups long after their programs are complete.  SOSV provides expert legal resources, sales and customer  development, and mentorship resources across many disciplines. Founders are also encouraged to tap the 2,000+ SOSV founder network. Background Managing Partner Sean O’Sullivan founded SOSV in 1995, following the IPO of MapInfo, a startup he co-founded that pioneered computer-based street mapping. O’Sullivan is deeply committed to social betterment through entrepreneurship and technology, a theme that runs deeply through the SOSV portfolio. He has donated millions in SOSV profits to charitable causes, including the Khan Academy and CoderDojo, as well as many other educational and humanitarian efforts. SOSV commits 10% of its carry (SOSV profits from venture investing) to philanthropy. SOSV is also deeply committed to creating a portfolio rich in founder diversity. In a 2017 TechCrunch / Crunchbase analysis, SOSV is one of only four seed funds with a female founder in 30% or more of portfolio companies. At the end of 2020, 34% of SOSV’s portfolio companies had at least one female founder. Performance and Limited Partners SOSV’s fund performance is consistently in the top quartile of venture funds around the world, according to Cambridge Associates. Among SOSV’s limited partners are corporates, financial institutions, family offices, and high-net worth individuals from around the world, including Credit Suisse, Tiedemann Advisors, Davy Group, Nan Fung Group, ZX Ventures (the strategic arm of Anheuser-Busch InBev), HP Ventures and Sumitomo Corp. In SOSV’s Fund IV ($277 million), 50% of the limited partners are located in North America, 25% in Europe, and 20% in Japan and Southeast Asia. SOSV Programs SOSV has seven general partners and 132 staff across nine locations around the world. SOSV General partners Cyril Ebersweiler and Duncan Turner operate HAX, which Ebersweiler launched in 2012 and has offices in Shenzhen, San Francisco and Tokyo. HAX invests in approximately 35 startups per year, initially with $250,000, delivered in cash and co-development during a 180-day program. HAX focuses on industry 4.0, healthcare and consumer. HAX founders have access to an in-house team of engineers, designers, and entrepreneurs with in-depth collective knowledge in robotics, IoT and manufacturing. HAX provides access to mentors, investors, manufacturers, supply chains and follow-on capital. General partner Po Bronson leads IndieBio SF and partner Stephen Chambers leads IndieBio NY.  IndieBio co-founders Bill Liao and Arvind Gupta launched the flagship San Francisco location in 2014 and opened a second office in NYC in 2020. Pre-seed life-science startups receive a $250,000 investment (up to $500,000 or more with Genesis Consortium support) and join a four-month program that provides on-site expertise, access to modern laboratories and an unparalleled mentor network. The San Francisco and New York programs run two, 15-company classes each per year. General partner William Bao Bean and partner Oscar Ramos lead Cross Border Internet and Software at SOSV including Chinaccelerator, founded in 2010 by General partner Cyril Ebersweiler, and MOX, founded in 2015, with teams in Shanghai, Taipei, Kuala Lumpur and New Delhi. Chinaccelerator helps enterprise software startups from around the world enter Asia selling to a network of over 200 multinational corporate partners and helps global startups enter China and local Chinese startups expand to global markets. The program provides US$150,000 investment, a six-month, hands-on program and perpetual support including perks and advice from a 450-person mentor network. MOX helps mobile Internet startups from around the world acquire new users for free—the goal is customer acquisition cost zero—and monetize these users to drive higher lifetime value. The network of MOX startups, with 70 million monthly active users, both cross-promote each other and receive free promotion from our network of partners in return for revenue share. MOX helps startups expand into the world’s fastest-growing markets in Southeast Asia, South Asia, Middle East, South America, and Eastern Europe. MOX provides $150,000 investment, a six month program and perpetual support through growth, business development roadshow and fundraising modules. General partner Shawn Broderick and partner Nick Plante founded dlab in 2018 to help startups working on decentralized applications and blockchain technology to create more open, transparent, and participatory systems. dlab provides $150k of funding to the most promising, early-stage crypto startups. The six-month program provides founders with access to an extensive mentor network and with hands-on help in areas such as product architecture and design, UI/UX, business development, tokenomics, and fundraising strategies. dlab is based in New York City but works with founders from across the globe in a virtual setting.

IndieBio is the world’s first accelerator devoted to startups using biology to solve the world's largest problems. IndieBio is an SOSV program. SOSV is a global venture capital firm that operates startup accelerator investment programs. At the close of 2020, SOSV had more than 1,000 portfolio companies and $855 million in assets under management.

Founders Fund is a San Francisco based venture capital firm that invests at every stage in companies building revolutionary technologies. The firm and its partners have been investors, founders, and early employees of prominent technology companies including PayPal, Facebook, Space Exploration Technologies (SpaceX), and Palantir Technologies.  Founders Fund was formed in 2005 and has raised five funds to date with more than $2 billion in aggregate capital under management. The firm has historically invested in a wide variety of sectors, including aerospace, artificial intelligence, advanced computing, energy, health, and consumer Internet.

BlueYard invests in founders with transforming ideas that decentralize markets and empower humanity. Typically $1-3m as an initial investment; active around the world.  Most active in crypto / web 3 (e.g. Protocol Labs, Filecoin, Open Zeppelin, Radicle), technologies that help us overcome our largest planetary challenges (e.g. Marvel Fusion, Meatable, Dance), frontier biology to help us live long and prosper (e.g. BitBio, Biofidelity) and vertical software un-bundling monopolies (e.g. Pitch, Wonder).

Atlantic Food Labs is a venture studio and investor for startups with solutions to feed ten billion people by 2050 in a sustainable and healthy way. Founded in 2016, the Berlin-based investor is one of Europe's leading venture firms for food & ag. It has supported over 20 mission-driven teams to launch their ideas and put great concepts into practice. The portfolio covers the entire value chain - from agtech, alternative protein sources, water supply, food security, vertical farming, to food waste and carbon reduction.

Future Positive Capital is an investment firm that invests in deep tech companies. Future Positive Capital backs companies that use advances in artificial intelligence, synthetic biology, genetics, and other deep technologies to solve the world's most pressing challenges such as sustainably feeding the world’s growing population, combating climate change, and serving the aging population.

Khosla Ventures is a venture capital firm started in 2004 by Vinod Khosla, Co-Founder of Sun Microsystems. The firm provides venture assistance and strategic advice to entrepreneurs working on breakthrough technologies. With over $5 Billion under management, the firm focuses on a range of areas including consumer, enterprise, education, advertising, financial services, semiconductors, health, big data, agriculture, food, sustainable energy, and robotics. Khosla Ventures is headquartered in Menlo Park, California.

ff Venture Capital (ffVC) is a technology venture capital firm investing in some of the strongest growth areas to date, including cybersecurity, artificial intelligence, machine learning, drones, enterprise cloud software, and crowdfunding. The firm identifies and invests in technology and technology-enabled companies at its inception across geographies and emerging industries.  With three partners and an acceleration team of 20+ investment and operations professionals, ffVC actively participates with founders to develop products, target markets, and accelerate growth. Since 2008, ffVC has invested in over 100 companies and has helped to create companies with an aggregate market value exceeding $6 billion.

Tyson Ventures is the investment arm of Tyson Foods. We aim to be the strategic partner of choice for disruptive innovators transforming the food industry, and provide sustainable nutrition to a growing global population. Our current areas of interest focus on emerging proteins, technology enablers and sustainability. Let’s build the future of food... together.

Cargill is an international producer and marketer of food, agricultural, financial and industrial products and services. Founded in 1865, our privately held company employs 142,000 people in 67 countries. We help customers succeed through collaboration and innovation, and are committed to sharing our global knowledge and experience to help meet economic, environmental and social challenges.  Our customers turn to Cargill for our scientific expertise when the challenge is enhancing an existing product, improving process efficiencies, or uncovering a solution that helps them launch a first-to-market innovation.  Our goal is to leverage Cargill research and development capabilities to generate distinctive value through new, improved products and innovative ways to reduce costs or both.  Our global team includes more than 1,300 research, development, applications, technical services and intellectual property specialists working in more than 200 locations. Together, they provide a spectrum of services encompassing technical service, applications, development, research, intellectual asset management, and scientific and regulatory affairs.

AME Cloud Ventures focuses on seed to later stage companies building infrastructure and value chains around data. It specializes in technology-heavy companies gathering or creating unique data at every stage of the data stack — from infrastructure all the way to applications, mobile, and sensors.  It strives to find, fund, and support true entrepreneurs. The firm provides a unique and genuine set of resources to our founding teams, from strong operational and business experience to networks of amazing mentors and international partners, particularly in China. AME Cloud Ventures is the venture fund led by Jerry Yang, co-founder of Yahoo!

Lowercase Capital is a private equity and venture capital firm specializing in investments in seed/startups, mature, and acquisition of later-stage companies. The firm typically invests in wireless, media, commerce, infrastructure, energy, and transportation sectors. It also advises businesses and funds.  Lowercase Capital was founded in 2010 and is based in New York, New York.

Atomico is an international investment firm that focuses on helping disruptive technology companies scale globally. It partners with technology founders at Series A and beyond with a particular focus on Europe, leveraging deep operational experience to supercharge their growth. The company's team of founders, investors, and operational leaders have been responsible for global expansion, hiring, and marketing at companies from Skype, Google, and Twitter to Uber and Spotify. It specializes in seed, startup, Series A, early venture, mid venture, late venture, emerging growth, and growth capital investments. Atomico was founded in 2006 and is headquartered in London, England.

Norwest is a global venture capital and growth equity investment firm that specializes in venture and growth equity companies. Since its inception, it has invested in more than 600 companies and partner with over 140 active companies across our venture and growth equity portfolio. The firm invests in early to late-stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. It offers a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses.  Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel.

Temasek is an investment company with a focus on delivering sustainable returns over the long term. Incorporated in 1974, Temasek is an investment company headquartered in Singapore. Supported by 11 offices internationally.

Spark Capital is a venture capital firm that invests in the consumer, commerce, FinTech, software, frontier, and media sectors. It was founded in 2005 and is based in San Francisco, California.

Root Ventures is a seed-stage venture capital firm that invests in technical teams working on deep tech. The firm specializes in the fields of financial services, venture capital, and investments. It was founded in 2013 and headquartered in San Francisco, California.

Maven Ventures invests in software startups that millions of consumers use everyday to make their lives better. We make $750K-$1M Seed investments in founders with a ''vision worth fighting for” and the potential to build billion-dollar businesses. Our team identifies future consumer trends—we’ve already seen our investment predictions come to life in areas like self-driving cars, the proliferation of mobile, video communication, the future of retail, and digital health. Notable investments include: Zoom (IPO “ZM”), Cruise (acquired by GM), and Chariot (acquired by Ford). As we only make 6 new startup investments each year, we focus on each one, rolling up our sleeves to teach founding teams how to achieve product/market fit, hone their consumer messaging, reach millions of customers with viral marketing, and set them up for success.

CRV is an investor in early-stage technology companies for almost half a century. The firm has backed nearly 400 startups in its 47-year history, including foundational companies like Twitter, Zendesk, Amgen, Hubspot, Parametric Technologies, Yammer, EqualLogic, and Sonus Networks. Half of the companies CRV has backed have gone public or been acquired. The firm focuses on enterprise, consumer, and deep insight bioengineering. CRV has offices in Palo Alto, California, and Cambridge, Massachusetts.

Horizons Ventures focuses on investing in disruptive and technology-focused start-ups. The firm was founded in 1999 and is based in Hong Kong. Some of the latest exits are Skype, Siri, Facebook, Summly, and Waze.

Collaborative Fund is an investment fund that provides funding to companies based on creativity and collaborative consumption. The fund centers around two macro themes which drives business innovation in the coming years: the growth of the creative class and the concept of collaborative consumption. Craig Shapiro founded it in New York in 2010.

Velos Partners invests in companies at the intersection of consumer and technology, where the exponential pace of innovation is transforming traditional consumer behavior and business models.

Through an active investment approach, WP Global will partner with entrepreneurs hungry to grow private companies as well as fund managers determined to achieve superior returns. WP Global’s strategy is juxtaposition to simply administering investments in companies and in funds. Our unique strategy unchains us from traditional conventions and perceived risk, ultimately allowing our partners to build long-standing, high growth, and influential organizations.  You’re more likely to see us in person than talk to us over the phone because we believe knowledge is acquired on-sight through interpersonal engagement – we are continuously attending events and visiting companies. WP Global creates quality deal flow through vigorous outbound efforts and generates investment returns through active management. We leverage our partners for their operational and domain experience and they leverage us for our network.   By proactively investing directly into hundreds of private companies, private equity funds, and venture capital funds, WP Global generates a synergy of deal flow that is unrivaled. Along with leveraging our network, WP Global employs portfolio modeling and other investment management tools to gain foresight into the market momentum of the thousands of small private companies, which ultimately provides investment conviction.

Tao Capital Partners invests in technology, transportation, healthcare, education, and food businesses that have a sustainable positive impact. It is an active investor that supports companies through various stages of their life-cycle. Tao Capital Partners was founded in 2002 and is based in San Francisco, California.

The OS Fund finances and supports inventors and scientists who are working on audacious breakthroughs to solve the greatest issues and opportunities facing humanity today. Our mission is to partner with tech pioneers who aim to improve the lives of billions of people around the world for generations to come.  In the same way that computers have operating systems at their core — dictating the way a computer works and serving as a foundation upon which all applications are built — everything in life has an operating system (OS).

Uni-President Enterprises is an Asian food conglomerate engaged in the manufacturing, processing, and sale of food products.

Far East Ventures is the venture capital arm of Far East Organization that invests in visionary entrepreneurs that build disruptive technologies and companies at all stages in all sectors. It invests at every stage from seed to growth in all sectors that include technology and healthcare. Investments need not have a strategic value for Far East Organization. It has its headquarters in Singapore. It focuses mainly on companies in the United States and Southeast Asia. Clients may gain access to its networks forged from more than half a century of doing business in Singapore.

BlackPine is a private investment firm. Their firm provides financing solutions to companies and asset owners with presence in Greater China. They target opportunities where they can take an active role in the business and co-operate with management to help develop strategies both domestically and abroad. Their approach to investing enables them to leverage their long term relationships with strategic partners and portfolio companies to source and manage deals. These relationships, together with their strong intermediary network allow them to maintain a close pulse to business activities in the region.

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