FRANCE – French cultivated meat startup Gourmey, has raised an oversubscribed €48miilion (US$46.69m) Series A, becoming the world’s largest Series A round for a cultivated meat startup.

Gourmey, which was part of the Big Idea Ventures program’s first cohort, creates sustainable restaurant-grade meats directly from real animal cells, with an initial focus on premium meats and cultivated foie gras as their flagship product.

The company joined the Big Idea Ventures accelerator program in 2019, receiving the necessary facilitation to move to Singapore, where it worked closely with a dedicated Big Idea Ventures team to lay the foundation for its success.

Big Idea Ventures is a venture firm focused on solving the world’s greatest challenges by backing the world’s best entrepreneurs, scientists, and engineers.

To date, BIV has invested in 100+ companies across 22 countries with a focus on protein alternatives and food tech.

The investments were made through their New Protein Fund I (NPF I), which is backed by leading food corporations including AAK, Avril, Bel, Bühler, Givaudan, Meiji, Temasek Holdings, and Tyson Foods.

The venture confirmed that the New Protein Fund II will be available in Q4 2022 and will build on the successes of NPF I.

Founded in 2019 by CEO Nicolas Morin-Forest (ex-L’Oréal), CTO Dr. Victor Sayous, PhD in molecular biology, and CSO Antoine Davydoff, cell biologist, the company is now a team of 40+ world-class scientists and engineers in the fields of gastronomic and food sciences, bioprocess engineering, and stem cell biology.

After securing the investment, the French startup plans to open a 46,000-square-foot commercial production facility and R&D center in Paris, France – the largest cultivated meat hub in Europe – to fast-track commercialization globally.

Gourmey has a mission to accelerate the world’s transition toward more ethical, sustainable and healthy meat.

US Firms Eye Green Light to Sell Lab-Grown Meat

Companies creating lab-grown steak, chicken, and fish see a recent U.S. Government announcement as a signal that meat grown without animal slaughter is on the cusp of being legally sold and eaten in the US.

“We are laser-focused on commercial-scale production, and for us, that means moving into competing with conventional meat products in scale,” said Eric Schulze, vice president of product and regulation at Upside Foods, a cultivated meat company, as the industry calls itself.

Cultivated meat production consumes significantly less land and water and could cut the climate impact of meat production by up to 92%, according to the producers.

The traditional meat and poultry industry reacted strongly to President Joe Biden’s executive order last month on biotechnology and biomanufacturing, which observers say could push federal agencies to allow commercial sales of meat grown from an animal’s cells.

Don Schiefelbein, president of the trade group National Cattlemen’s Beef Association commented that “It’s a slap in the face to cow-calf producers and farmers across the land.”

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