Funding and roadmaps
Overall, investors in 2021 seem quite bullish on this emerging sector of food. Scalability and regulatory environments are still challenges for this sector. But with an influx of cash, commercial and market viability no longer seem like a faraway dream.
BIOMILQ closed their Series A financing round in Fall 2021 with a total of $21 million raised. This fundraising effort is on-par with other companies in the cellular agriculture industry. However, it is an achievement that BIOMILQ’s all-female leadership team is proud of, as they were able to raise the funds with partners that were aligned with their mission and values.
This round of funding allows BIOMILQ to continue to work on a product that can go to market, thought it will still be a few years before BIOMILQ is available to consumers. CEO Michelle Egger believes that 3-5 years is a conservative timeframe to allow for thorough safety and regulatory testing through the Food and Drug Administration (FDA). The final product is expected to be price-competitive with other top infant formula products. BIOMILQ wants to, ultimately, make the product accessible for all people regardless of income, so they plan to continually work to decrease the cost for low-income countries and families.
TurtleTree, a Singapore meets Silicon Valley company, closed their $30 million series A this fall--one of the largest investment rounds to date in Asia’s cell-based food sector. This fundraise is coupled with a $3.2 million seed and a $6.2 million pre-A fundraise. TurtleTree will use the funds to continue expanding its portfolio of sustainable, better-for-you food items. They just launched a new R&D facility in Sacramento, CA. With FDA approval, they will launch their first products in the US soon and hope to fully commercialize their products in the next 4-5 years.
Biomilk is one of eight companies currently listed on the Tel Aviv stock exchange. They will use this extra boost of funding to grow their R&D team and scale their innovative technology into dairy, alt-dairy, and nutriceuticals.
This year, Helaina announced a total of $24 million raised that will go towards the manufacturing and commercialization of their products. Because they use precision fermentation, a technology that's already viable and FDA-regulated, they don't have as many hurdles to jump through as the cellular agriculture companies. For example, alternative dairy ice cream brand, Brave Robot
(made from Perfect Day's precision fermentation cow-free dairy) is currently available in the US with a B2C model.