Gwangju, South Korea-based CellMeat, a start-up working to develop a cell-based shrimp product, has secured KRW 10 billion (USD 8 million, EUR 7.4 million) in Series A funding.
The company is aiming to commercialize its cell-cultivated shrimp by 2023 and is initially targeting Singapore as its primary market, primarily due to the fact that it is the only country that has approved alternative meat products for sale. CellMeat is also eventually hoping to enter the U.S. market, according to TechCrunch.
CellMeat previously raised USD 4 million (EUR 3.7 million) in pre-Series A funding in January 2021. Its lead investors are NauIB, BNK Venture Capital, Strong Ventures, and Ryukyung PSG. CellMEAT co-founder and CEO Giljun Park told TechCrunch he hopes to raise additional funds through an extension of its Series A offer later in 2022.
CellMeat plans to use the funding to continue research and development of its lab-grown shrimp, increase production of its prototype shrimp to 10 kilograms per day – its production currently stands at five kilograms – expand its offerings to other cultivated seafood, including crustaceans like lobster and crab, Park said.
In late 2021, CellMeat announced the development of its a fetal bovine serum-free cell-culture medium, which it said will help bring the cost of its shrimp below USD 20 (EUR 18.45) per kilogram, according to Park.
TechCrunch reported around 120 companies globally are now producing seafood alternatives and cell-based seafood, and collectively raised USD 175 million (EUR 161.5 million) in 2021.
Photo courtesy of CellMeat
