South Korea-based cultivated seafood company CellMeat has raised KRW 17.4 billion (approx. $13.34 million) in a funding round.

The Series A was led by previous investors BNK Venture Investment, Ryukyung PSG Asset Management, and Strong Ventures, with three new investors – NH Venture Investment, Genting Ventures and Daewoodang Healthcare – also joining the round.

The announcement comes as CellMeat prepares to open a mass production centre in Guri, in South Korea’s Gyeonggi province, this month, after claiming to develop proprietary cell culture technology that makes large-scale production of cell-based meat economically viable.

CellMeat’s CEO, Park Gil-jun, said: “Through this Series A investment, CellMeat can strengthen its position as a leader in the cell-based meat market and continue to prioritise technology development”.

The company is known for developing a serum-free cell culture medium, helping to bring down the cost of production while removing any ethical issues associated with fetal bovine serum.

Last year, the company raised $8.1 million in a funding round, saying it would use the capital to double pilot production of its cultivated shrimp.

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