The foodtech company is working on lowering production costs to hit the market with products next year
Cultivated meat biotechnology start-up Avant has closed a $3.1 million seed funding round to fuel R&D and commercialisation of its cultivated fish products.
The financing will accelerate Avant’s research and development to continue lowering production costs and to bring the company’s products to market next year.
Avant is the first cultivated meat biotechnology company in China and the only cultivated fish company in Asia. Its patent-pending proprietary technology produces animal-free proteins for food, skincare, and other functional applications in a cost-effective, scalable and fully contained bioprocess, directly from fish cells.
The funding round saw participation from prominent Greater China investors including China Venture Capital, AngelHub, and ParticleX, as well as western alternative protein investors Lever VC, CPT Capital, Loyal VC, Artesian, and 208 Seed Ventures.
Strategic food investors PTG Food, a consortium of fast-growing and Markus Haefeli, chairman of Regal Springs, the world’s largest responsible tilapia producer, also participated in the round.
Wang Yijun, chief executive of China Venture Capital, said: “In accordance with China’s 14th Five-Year Plan, we will continue to invest in companies with agricultural technology that secure supply chains and boost self-sufficiency in food production.”
China Venture Capital is one of China’s oldest and leading VC funds with over $2.3 billion in assets.
Karen Contet, co-founder and chief executive of AngelHub, Hong Kong’s first SFC licensed start-up investment platform, said: “Avant’s food demos manifested how deep-tech can enable sustainability initiatives. We see a growing appetite for consuming and investing in cultivated meat among our investors.”
Allan MacDonald, managing director of PTG Food, added: “We are very excited with this venture, which is fully aligned to our company’s values and mission, and it gives us a great opportunity to further support and champion the development of the sustainable global food systems and make a difference.”
“Avant is pleased to be partnering with strategic investors who can support us with manufacturing know-how, customer relationships, and ongoing support,” said Carrie Chan, Avant’s co-founder and chief executive.
“We will accelerate our work with the sustainable seafood and functional protein industries to accelerate the adoption of our products into existing global supply chains,” she concluded.
Research firm MarketsandMarkets projects the global cultivated meat market will be valued at $214 million by 2025, growing to $593 million by 2032.
Analysts believe this growth will be fueled by innovation in animal protein cultivation, combined with the soaring interest in animal welfare, environmental sustainability, and safe and diversified protein supply chains.
Date published: 3 December 2020