Cultivated meat startup Meatiply secures $3.75M at seed stage

Singapore-based lab-grown meat company, Meatiply, co-founded by Teh Bin Tean, Elwin Tan, Jason Chua Min Wen, and Benjamin Chua, successfully secured a $3.75M seed funding. This first set of funding was co-led by Wavemaker Partners and AgFunder, with Seeds Capital also participating.

• Funding Allocation: R&D capabilities to further refine and perfect meat cultivation methods and production scale to meet supply demands in collaboration with commercial partners. Moreover, Meatiply also has plans for a new facility to begin operations in 2024.

• Strategies and Approach: Meatiply's approach to producing meat involves the cultivation of multiple cell types like muscle, fat, and skin and production of natural compounds to mimic real meat's taste and nutritional value.

• Product Development: Since raising $1M in the pre-seed round in 2022, Meatiply has demonstrated three prototypes, which include the first-ever cultivated smoked duck breast in Asia.

Despite a challenging investment climate, Meatiply is among the few startups in the cultivated meat sector to secure seed funding this year. In contrast, Singapore-based agritech and foodtech firms focusing on plant-based proteins have been receiving the significant chunk of investment, leaving cell-based meat companies somewhat in the shadows.