South Korean lab-grown shrimp producer bags $8.1M
Summary
As consumers interest in the environment and nutrition rises, food-tech companies join the race to invent meat alternatives. A South Korean startup called CellMEAT, which develops cell-based shrimp, has secured $8.1 million (10 billion KRW) Series A funding to compete with 120 companies around the world that produce alternative seafood.The new round of funding, which brings its total raised to $14.1 million, will help CellMEAT continue the research and development of its lab-grown shrimp, ramp up pilot production of its prototype shrimp to 10 kilograms per day from 5 kilograms and expand its offerings to other cultivated seafood, including crustaceans like lobsters and crabs, CellMEAT co-founder and CEO Giljun Park said in an interview with TechCrunch.CellMEAT intends to enter Singapore, the only country to approve alternative meat products for sale. It aims to commercialize its cultivated shrimps as early as 2023, targeting B2B and B2C consumers, Park continued. San Diego-based cultured seafood company BlueNalu, which partnered with Japanese sushi restaurant operator Food & Life Companies (F&LC) to develop cell-cultured tuna early this year, has cultivated yellowtail fillets in a serum-free solution. San Francisco-based Finless Foods has developed lab-grown bluefin tuna using its own animal-free growth media.