Newcastle University biotech spin-out raises £1.75m to accelerate R&D
A Newcastle University spin-out has raised £1.75m to accelerate research and development and strengthen their commercial team as they prepare to take their bioreactor technologies to market.
Biotech technology disrupter, CellulaREvolution, which aims to revolutionise the way cells are grown, has raised the capital from a group of investors in a round led by Happiness Capital and includes Allusion One, the first investment arm of Allusion.
Leo Groenewegen, CEO, of CellulaREvolution said: “I am delighted to announce the investment from Happiness Capital and Allusion One. We have been able to secure growth funding from very reputable investors and are now ready to accelerate the development of our products and our company at an increased pace.
“Looking forward we will be bringing our enabling technologies to market soon, doing our part to bring high quality and affordably cultured meat to consumer’s plate sooner rather than later!”
Eric Ng, CEO, of Happiness Capital, commented: “We have taken an in-depth look at the industry and considered that CellulaREvolution has a unique b2b offering which is expected to have a huge impact on the cost-efficient commercialization of cultured meat in the coming years.
“We are keen to support the Company on their journey and look forward to being an active Shareholder.”
Cultivated meat producers continue to face countless challenges as they strive to achieve price-parity with conventionally grown meat.
The upstream technologies developed by CellulaREvolution will be of critical importance in establishing cultivated meat as a realistic, viable and attractive alternative to factory farming in meeting the world’s growing demand for food.
The technology also has applications in the biologics and cell therapeutics verticals, further strengthening the company’s future competitive position.
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