CellMEAT, a South Korean cultivated seafood startup, has raised KRW 17.4 billion (~USD 13 million) in a Series A funding round co-led by BNK Venture Investment, Ryukyung PSG Asset Management, and Strong Ventures, with participation from NH Venture Investment, Genting Ventures, and Daewoodang Healthcare.

The funding will be used to bolster its leadership position in the cell-culture food market and focus on technology development. 

CellMEAT will utilize its non-animal, serum-free, cell-culture technology and mass cell-culture technology for the mass production of cultured cells and product launches. Its center for mass production is currently under construction in Seoul and is scheduled to officially open this month.

Analyst QuickTake: CellMEAT previously raised KRW 10 billion (~USD 8.1 million) in a Series A funding round and is arguably one of the leading Asian cell-cultured meat startups. In May 2023 , the company debuted a prototype of cultivated caviar based on the Osetra variety and plans to introduce its flagship Dokdo shrimp (an expensive delicacy that is bigger than regular shrimp) to the Singapore, Korea, and the US markets by 2024.