$100M Funding Round, 100X Cost Reduction, and World Bank Advocates Alt Proteins
Also: South Korea's most-read newspaper dedicated a cover story to the future of meat
Hi, welcome to issue #64 of the weekly newsletter. Thanks for being here!
I have an exciting personal update: I recently started a new role at Better Bite Ventures, an early-stage food tech and alt protein VC focusing on startups across APAC. I'm loving it so far! 🙌🏾
A less exciting personal update: I'm in the latter part of a pretty demanding semester in my part-time biotech master's program, juggling group projects, assignments, and upcoming finals.
Given the packed schedule, I will take a brief hiatus from the newsletter to focus on these commitments.
During the break, I'll also be interviewing stakeholders in the food tech sector, and I look forward to sharing these when I return in early June!
Thank you all for your understanding and continuous support. 🙏🏾
Now, let’s dig into this week’s issue! 🍽
BIO BUZZ
🐱 Meatly developed a protein-free culture medium that lowers the cost of media by 100X
The British cultivated meat company’s culture medium costs £1 per litre, significantly less than the hundreds of pounds typically required. According to Meatly, culture media accounts for most of the costs of cultivated meat production.
Meatly's innovation lowers these costs greatly by eliminating expensive components like proteins, growth factors, and microcarriers. The medium is also designed to work in suspension culture bioreactors without microcarriers, improving its efficiency and scalability.
Meatly is on the brink of receiving regulatory approval for this culture medium in the UK. Approval could further validate its use and accelerate its adoption in the cultivated meat industry.
Source: Green Queen
💪🏾 TurtleTree partnered with Cadence Performance Coffee to debut its precision-fermented lactoferrin with espresso shot for endurance athletes
The new product, available in original and salted caramel flavours, is priced at $7 per 2.5oz shot. Starting this summer, It will be sold through e-commerce channels before expanding to Amazon and physical retail stores.
The espresso shots are designed to boost the performance of endurance athletes, particularly those suffering from iron deficiency—an issue affecting 30-50% of endurance sports athletes. Singapore-based TurtleTree’s Lactoferrin helps regulate iron, improving red blood cell production and immune function.
Lactoferrin helps in iron absorption due to its iron-binding capabilities and supports gut health and the immune system. Its synergy with caffeine improves metabolic activity, speeding up the protein's absorption.
Source: Green Queen
🇩🇰 21st.Bio launched a new pilot plant facility to help companies transition from lab-scale fermentation to large-scale production
Based in Denmark, the plant integrates proven technology and offers over 3,000 litres of fermentation capacity to support the bioproduction of proteins and peptides.
The facility is designed to foster collaboration between 21st.Bio and its customers, particularly in scaling up recombinant protein production. It is co-located with the company’s strain development labs, improving joint development efforts.
The pilot plant intends to define key production parameters, assist in selecting the best contract manufacturing organizations (CMOs), and minimize the risk of expensive production failures. This setup helps customers refine their processes and scale up efficiently and economically.
Source: Food Ingredients First
🐶 Dr Clauder’s partnered with Calysta to introduce dog treats containing FeedKindPet, a fermentation-based air-derived protein
FeedKindPet is nutrient-rich, offering a complete amino acid profile and is easily digestible. It also features postbiotic properties that support gut health in dogs.
The ingredient has been approved for use in pet food within the EU and holds Generally Recognized As Safe (GRAS) status in the US, making it safe for pet consumption.
Calysta is a multinational biotech firm developing sustainable, non-GMO proteins using a fermentation platform powered by renewable energy. The platform transforms carbon and energy into high-quality protein.
Source: vegconomist
🇸🇬 Singaporean researchers developed a cultivated meat prototype using porcine cells and decellularised asparagus scaffold
Asparagus was chosen for its vascular structure, which supports the rigidity and alignment for cultivated meat development. The prototype closely mimics conventional meat in texture and flavour, potentially enabling large-scale biomanufacturing.
Decellularization removes plant cells from the scaffold, preserving a microstructure that supports muscle cell alignment, adhesion, and proliferation. This improves the resemblance to traditional meat cuts.
The study points to the effectiveness of longitudinally cut asparagus scaffolds in supporting nutrient and oxygen flow essential for muscle tissue growth. It was also found to have minimal cytotoxic effects, keeping the cells alive longer.
Source: vegconomist
🌽 Ginkgo Bioworks and GreenLab collaborate to scale the production of brazzein, a protein sweetener 2,000X sweeter than sucrose
GreenLab uses proprietary technology to grow proteins such as brazzein in corn kernels. This approach allows for scaling up production with minimal upfront investment in new infrastructure and integrates well into existing agricultural and production systems.
GreenLab, with Ginkgo's support, is improving brazzein production through two main methods: improving in-corn expression and developing microbial fermentation processes. These methods aim to achieve competitive production levels and streamline purification processes.
Using advanced biotechnology services from Ginkgo, GreenLab aspires to become a leading supplier of brazzein, focusing on reducing both market and technical risks associated with new product introductions.
Source: Ginkgo Bioworks
FoodTech World Cup Finalists
After 200+ applications, 46 semi-finalists, and 6 hours of regional Demo Days, the FoodTech World Cup has 9 finalists.
Here’s why these 9 startups were selected.
Next, the startups will each present live at the HackSummit in Lausanne next month.
MACRO STUFF
🌏 The World Bank advocates shifting subsidies from livestock to low-emission food products like alt proteins to mitigate climate impact
The report highlights the urgency of climate action, noting that current emission rates may lead to a temperature increase of 3.2°C above pre-industrial levels, posing severe risks to planetary health.
It points out the need for substantial investment in reducing agrifood emissions, suggesting a required annual investment of $260 billion to achieve a 50% reduction in emissions by 2030 and net zero by 2050.
It proposes increasing R&D spending on alt proteins and other innovative technologies to reduce emissions further. An annual investment of $260 billion has a potential 16-to-1 ROI by 2030, amounting to ~$4.3 trillion in health, economic, and environmental benefits.
Source: Green Queen
🇪🇺 Alt proteins could displace two-thirds of the meat and dairy consumed in Europe by 2050
A Green Alliance report highlights that the alt protein industry could greatly reduce land use across ten European countries. This shift could decrease reliance on overseas land by 75%.
If Europe fully embraces alt proteins, it could liberate land within the continent equivalent to the size of France and free up an area the size of Spain overseas.
Adopting alt proteins could provide new income opportunities for farmers, allowing them to participate in carbon sequestration and nature restoration efforts, offering a stream of income that is not impacted by changes in weather.
Source: vegconomist
🇸🇬 Singapore Food Agency and the Ministry of Sustainability and the Environment propose a new “Defined Food” category for regulation
This includes novel foods and genetically modified (GM) foods which will now require pre-market approval. The draft bill stipulates that these "Defined Foods" must meet additional regulatory requirements beyond the existing pre-market approval process.
The Food Safety and Security Bill (FSSB) seeks to formalize and improve the current novel food application procedures. This includes providing clear guidelines for submission, such as the requirement of a local contact in Singapore and comprehensive data requirements for the application.
By adding GM food into the broader "Defined Food" category, the FSSB plans to streamline the approval process. This adjustment shifts some responsibilities from the Genetic Modification Advisory Committee to the FSA, potentially speeding up the pre-market approval process for GM foods.
Source: vegconomist
BIO BUCKS
💰 Meati raised $100M in Series C1 funding, the largest investment in an alt protein company since 2022
This brings its total raised since its inception to $365M. This round marks the largest investment in an alt protein company since…Meati's own $150M Series C round in 2022.
The Colorado-based mycelium meat innovator expanded into 2,000 Kroger stores, increasing its retail locations from 3,600 in February to 6,000 nationwide. By the end of 2024, it aims to be in 10,000 stores.
In February, Meati reduced its workforce by 13% as part of a strategy to streamline operations and reach profitability. Despite the cutbacks, the company targets $1 billion in sales by the end of 2025.
Source: Green Queen
🇮🇱 ProFuse Technology received a €2.4M grant to boost its development in cultivated meat production
The grant from the European Innovation Council's Transition program helps the Israeli startup in three key areas:
Support the launch of ProFuse’s two new products. These include the ProFuse-S1 media supplement, which improves cultivated muscle growth, and the ProFuse-B8 cell line, a bovine myoblast line that replicates indefinitely without genetic modifications.
Help ProFuse scale up its muscle cultivation technology and develop large-scale cultivated meat production processes.
Help ProFuse achieve regulatory approvals for safety and further its partnerships with other companies in the cultivated meat industry.
Source: Cell Base
🐾 CULT Food Science raised CAD$800k through a private placement to expand Noochies! as a leading sustainable pet food brand
CULT Food Science owns 90% of Further Foods, the company behind the pet food brand Noochies! which uses Bmmune, a freeze-dried yeast protein, as a cruelty-free alternative to traditional meat sources.
According to CULT, Bmmune exceeds industry benchmarks for protein and amino acids. Additionally, Bmmune provides fibre and immune-boosting B vitamins and benefits gut health.
For the private placement, PowerOne Capital Markets played a key role as a finder, receiving $36,750 in cash fees and 735,000 finder's units as compensation.
Source: vegconomist
SOCIAL FEAST
🇰🇷 South Korea's most-read newspaper 조선일보 (The Chosunilbo), dedicated a cover story to the future of meat
The Chosunilbo highlighted South Korea's efforts in developing cultivated meat, including the creation of the Gyeongbuk Cell-Cultivated Foods Regulatory-Free Special Zone, which is set to host nearly a dozen cultivated meat companies.
South Korean regulators have started accepting approval applications for cultivated meat, signalling a move towards commercial availability.
Korea's public investments in cultivated meat are a significant step towards decarbonizing Asia's protein supply and positioning the country as a leader in future food manufacturing.
Source: Mirte Gosker
MORE ON BETTER BIOECONOMY
💬 Bio Talks: Conversations with bioeconomy innovators
Synonym's co-founder, Joshua Lachter: Financing and Developing Infrastructure for the Bioeconomy
Bioshyft's founder, Gerrit Feuerriegel: Connecting Innovators, Investors, and Incumbents to Drive the Bioeconomy
Terra Bioindustries’s CMO, Rebecca Palmer: Turning Agrifood Byproducts Into Nutrient-Rich B2B Ingredients
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Thanks for outstanding issue #64 and all your great informative issues. I know each issue is very labor intensive and you put your heart ❤️ into it. Best success to you in your new position! We will miss your future issues. Onward and upward 👍