Jitse Groen, chief executive of Just Eat Takeaway.com, is among the investors in the third close of the funding round of the cell-based burger producer
Mosa Meat has announced that existing and new investors have participated in a third close of its Series B funding round. The latest investment of $10 million brings the total raised to $85 million.
The round closed nine months after the company announced the reduction of production costs by 88 times, thanks to advances in medium optimisation – the nutrient broth which feed the cells so they can proliferate.
Mosa Meat created its first burger from cells for a tasting in London in 2013 – it cost €250,000 to make. The company aims to bring the cost down to €9.
The cell-based start-up said that new and existing investors participated in this extension round, including Nutreco, a global leader in animal nutrition and aquafeed, and Jitse Groen, chief executive of Just Eat Takeaway.com.
“We are delighted to extend our collaboration with existing partners, and welcome new partners in this round,” said Maarten Bosch, chief executive of Mosa Meat. “The closing of Series B funding brings us one step closer to our mission to develop a cleaner, kinder way of making real beef.”
Bosch recognised that investors and partners bring immense strategic capabilities and expertise, and share Mosa Meat’s strong commitment to increasing the sustainability of the global food system.
Mosa Meat will use the funds to extend its current pilot production facility at its home in Maastricht, develop an industrial-sized production line, expand its team, and introduce cultivated beef to consumers.
Nutreco chief executive Rob Koremans, said: “Nutreco is invested in its mission of feeding the future, which will require protein production from traditional and alternative protein production methods. Our partnership in Mosa Meat is an important part of our strategy to help to meet the growing demand for high-quality protein.”
The Series B funding round is led by Luxembourg-based Blue Horizon Ventures, the food technology fund that aims to support and promote a positive global impact on the environment, human health, and animal welfare.
Mosa Meat welcomes this strong group of mission-aligned investors after its successful Series A funding in 2018, which was led by M Ventures and Bell Food Group.
Date published: 23 February 2021