Cultured Decadence has closed a $1.6 million pre-seed financing round, as it looks to create the first cell-cultured lobster meat in North America.
The company’s technology utilises the cells of shellfish such as lobster to make real meat without the shell or organs, in an attempt to offer a more sustainable and unique seafood solution at a lower price.
According to Cultured Decadence, its technology can be applied broadly to the $160 billion market for seafood including lobster, crab, shrimp and scallops.
Based in Wisconsin, the start-up plans to use the capital to expand its team and continue the development of cell-cultured lobster meat prototypes in preparation for a commercial launch.
Investors in the oversubscribed round include Bluestein Ventures, Joyance Partners, Revolution’s Rise of the Rest Seed Fund, Gener8tor, GlassWall Syndicate, Bascom Ventures, and China-based Dao Foods.
The company also received a grant from the Wisconsin Economic Development Corporation administered by the Center for Technology Commercialization (CTC), reportedly marking the first-ever state government funding for cellular agriculture.
“The way we engage with animals as a food source needs to change if we are to thrive as a planet,” said John Pattison, CEO and co-founder of Cultured Decadence.
“Our team is at the forefront of that change as we build the future of seafood a thousand miles from the nearest ocean. We are pleased to partner with an experienced group of investors that share our vision and are eager to accelerate our technology to bring transformative seafood products to market,” he added.
Ashley Hartman, senior principal at Bluestein Ventures, said: “John and Ian are visionary founders, and we’ve been impressed with the team’s skill set and scientific integrity. We’re excited to join the pre-seed round for Cultured Decadence and for the potential of their technology to transform the market for seafood; we look forward to supporting their vision to create animal-free shellfish.”
© FoodBev Media Ltd 2020
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