South Korea-based cultivated seafood company CellMEAT has raised KRW 17,400,000,000 (€12 million/$13 million) in series A funding, reports Vegconomist.
The round was led by previous investors BNK Venture Investment, Ryukyung PSG Asset Management and Strong Ventures. Three new investors — NH Venture Investment, Genting Ventures, and Daewoodang Healthcare — also participated.
The investment comes as the cell-based shrimp manufacturer prepares to officially open a mass production center in Seoul later this month.
The company is credited with being one of the first in the world to develop a serum-free cell culture medium, helping to bring down the cost of production while removing the ethical issues associated with fetal bovine serum.