Australian cultivated meat company Vow has raised US$49.2 million in its Series A funding round, a month after it officially launched its first commercial production facility.
Vow CEO and co-founder George Peppou said when he and Tim Noakesmith founded the company, they knew that to change the way billions of people eat they had to do more than recreate what already existed.
(Image: Vow)
“By inventing new meats that are tastier, more nutritious and serve functions traditional meats can't, we can have an enormous impact. We’re thrilled to be toe to toe with the best companies in this space, moving at speed to reach huge milestones with a fraction of the capital of other companies,” Peppou said.
Blackbird and Prosperity7 Ventures, the diversified growth fund of Aramco Ventures, co-led the Series A with strong support from Toyota Ventures, Square Peg Capital, Grok Ventures, Cavallo Ventures, Peakbridge, Tenacious Ventures, HostPlus Super, NGS Super and Pavilion Capital.
Peppou said it welcomed back Blackbird and Square Peg from its pre-seed and seed round and was excited to expand its pool of investors eager to join Vow’s vision to “revolutionise the sustainable food space, enabling healthier options and reshaping consumers’ perspective on the viability of cultivated meat as a disruptor in the food industry”.
The start-up raised $7.7 million in early 2021, in a series seed round led by Square Peg Capital.
Blackbird partner Samantha Wong said the venture capital firm had been “incredibly impressed” with Vow’s growth and the quality of its hires in recent years.
“Vow represents the height of ambition – using robotics, data, and biology – to make more delicious food than we do today. We are proud to be leading Vow’s Series A round, helping to unlock the next phase of growth that will transform the food industry as we know it today,” Wong said.
cultured meat production.
(Image: Vow.)
The funding comes as Vow expands its manufacturing facilities with the construction of Factory 2. It is also launching its first product brand – Morsel – in Singapore by the end of the year.
It will be used for “future product development, manufacturing expansion, and hiring across new divisions as Vow expands operations and works to disrupt the food industry, planting the seeds for future growth across markets worldwide,” the company said.
Prosperity7 Ventures executive managing director Aysar Tayeb said Vow was a “great fit” for its core mandate.
“Food Security is one of the most important issues for humanity to solve, and cell cultured meat will be a critical development in the solution.
“Every choice Vow has made in its approach is thoughtfully aimed to accelerate acceptance and commercialisation of cell cultured protein, including the deep application of technology, and expanding the box to include thousands of cell lines to optimise taste, nutrition, and accelerate cell growth and cost down. We are thrilled to be a part of Vow’s pioneering journey to transform how food is made,” Tayeb said.
Toyota Ventures founding managing director Jim Adler said, “As consumers shift to meat that fits their nutritional, sensory, and taste preferences, we see Vow’s cultured meat unlocking the next generation of alternative proteins. Vow has the potential to meet the food demands of a rising global population while reducing the impact of food production on the environment.”
Listen to Food & Drink Business editor Kim Berry talk to Vow co-founder Tim Noakesmith on the podcast.
