Image: CellMeat / FIS
Korea’s CellMEAT Raises $13M After Developing Cultivated Shrimp & Caviar
Wednesday, June 07, 2023, 07:00 (GMT + 9)
South Korea-based cultivated seafood company CellMEAT has raised 17.4 billion KRW (USD13 million) in Series A funding.
The round was led by previous investors BNK Venture Investment, Ryukyung PSG Asset Management y Strong Ventures. Three new investors — NH Venture Investment, Genting Ventures and Daewoodang Healthcare— also participated.
It comes as CellMEAT prepares to officially open a mass production center in Seoul later this month, after developing cell culture technology that makes large-scale production economically viable. The company is notable for being one of the first worldwide to develop a serum-free cell culture medium, helping to bring down the cost of production while removing the ethical issues associated with fetal bovine serum.
Prioritizing technology development
CellMEAT previously raised $8.1 million in a funding round last year, saying it would use the capital to double pilot production of its cultivated shrimp. The company also plans to commercially launch in Singapore in the near future, taking advantage of the country’s favorable regulatory environment.
Earlier this year, CellMEAT revealed that it had successfully produced cultivated caviar, potentially providing a more ethical alternative to conventional caviar as the industry struggles due to overfishing and high costs.
“Through this Series A funding, CellMEAT will enhance its position as a leader in the cell-based meat market and continue to prioritize technology development. We are dedicated to providing consumers with safe and innovative food options,” said CEO Park Gil-jun.