Berlin-based alt-fat start-up Cultimate Foods has successfully completed its seed round – the funding will be used to scale the company’s production processes and to expand its commercial collaborations and operations.
The €2.3 million round was led by European seed investors High-Tech Gründerfonds (HTGF). The round was joined by the Life Science Valley Growth Fund, B.value, Kale United and Big Idea Ventures.
Cultimate Foods has developed an alternative fat that gives plant-based meat substitutes an authentic taste. It supplies its cell-cultured fats to the meat alternative industry.
Eugenia Sagué, co-founder and CEO of Cultimate Foods, said: “Science is the key to solving many of the food industry's problems. With innovative technologies, we can deliver the meat taste consumers want while curbing unethical factory farming and combating climate change by reducing carbon emissions.”
Tilmann Petersen, investment manager at HTGF, commented: “Cultimate Foods has achieved important milestones in a short period of time, building strong relationships with the food-tech industry and establishing collaborations with universities. The HTGF is excited to explore a new area of investment and support Cultimate Foods in revolutionising the alternative meat industry with its cell-cultured fat ingredient."
Big Idea Ventures’ senior director Caroline Mak added: “As one of the most active investors in agri-food technology, we see innovations in fats as critical to improving the taste, health profile, sustainability and scalability of sustainable foods. As early pre-seed investors in Cultimate who have witnessed the team's development, we are pleased to further support Cultimate in this successful seed round as they bring their innovative fat ingredient to market.”
Cultimate Foods’ co-founder George Zheleznyi concluded: “Closing the seed round in today's fundraising environment validates the successes of our technological approach and the efforts of our team. With a consortium of experienced biotech and food-tech funds on board, we look forward to benefiting from both areas of expertise as we scale to the next technology readiness level and enter our first markets.”
