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Dutch cultivated meat pioneer Mosa Meat surpassed its crowdfunding goal of €1.5M ($1.56M) just 24 minutes after launch, with the total sum continuing to rise.
It took less than half an hour.
Mosa Meat, the company known for producing the world’s first cultivated beef burger, has demonstrated Europeans’ appetite for novel foods, reaching its target of raising €1.5M ($1.56M) via crowdfunding at breakneck speed.
The Dutch startup hit the goal 24 minutes after the investment opportunity went live, and the total has kept on climbing – less than two days later, Mosa Meat has been overfunded at nearly 175% of its target, raising €2.62M ($2.7M) from almost 1,050 investors.
The largest investment so far is valued at €1M ($1M). The campaign on Crowdcube remains open until February 25, unless it reaches the maximum funding limit of €13M (combined in the EU and the UK) before then.
The investment adds to Mosa Meat’s €40M ($42.4M) round last April, which took its total funding to $135M. Among its backers are big names like Leonardo DiCaprio, Sergey Brin, Chris Sacca, and the Mitsubishi Corporation.
“We are very excited that after receiving support from institutional investors, governments, meat producers and regulators, we can now also offer more consumers to join us on our mission,” Mosa Meat CEO Maarten Bosch said in a statement.
Why Mosa Meat took the crowdfunding route
Asked why Mosa Meat decided to open up to crowd investors, Bosch told Green Queen: “Ever since Mosa Meat was founded, we’ve had consumers reach out to us that asked if they could help further our mission by investing. With the progress that we have been making, getting closer to market introductions, we thought this was a good moment to start involving consumers and retail investors.”
He added that the startup will use the funds to “speed up final R&D before restaurant sales can start. We’ll also fund marketing for the first product launch, and the production of the first burgers intended for sale”.
Bosch noted that “the sheer volume of investment requests” Mosa Meat received after it submitted its regulatory dossier in the EU two weeks ago was “astounding”. “This campaign is about inclusivity; allowing those who support us to help shape the future of food alongside us,” he said.
The startup has filed for approval to sell a cultivated beef fat for use in blended meat products. The EU Commission and the European Food Safety Authority’s assessment is expected to take 18 months, and if successful, Mosa Meat would be able to sell the ingredient in all 27 member states and the three EEA countries.
It is also awaiting approval from the Singapore Food Agency and plans to apply in several other geographies, including the UK and possibly Switzerland.
French startup Gourmey is the only other startup that has applied for EU clearance. But several others – like Meatable, Vital Meat and Aleph Farms – are vying for the greenlight in Singapore. The UK has also seen applications from Vital Meat and Aleph Farms. The latter, which is already approved in Israel, is pursuing clearance in Thailand and Switzerland too.
Vow, meanwhile, is awaiting the go-ahead from Food Standards Australia New Zealand, having launched in Singapore and Hong Kong last year.
‘A clear sign’ that consumers want better options
Venture capitalists have been deserting the cultivated meat sector in the past 12-18 months lately- investment dropped by 75% in 2023, followed by another steep decline in 2024., leading to the demise of some startups and forcing others to restructure and conduct layoffs.
Mosa Meat is one of the outliers, evidenced by its €40M raise last year, and the instant success of the crowdfunding campaign. “The overwhelming response to our crowdfunding campaign shows just how strong the demand for cultivated meat remains, even in a challenging VC environment,” Bosch told Green Queen.
“Despite the situation in capital markets, we’re still seeing unwavering support from consumers, governments, established meat producers, regulators and other partners. It’s a clear sign that people want better options, without giving up what they love,” he added.
Bosch said the introduction of Mosa Meat’s burgers depends on where it first receives approval, as well as its production costs and volumes. “We can currently produce our burgers at restaurant price levels, and that’s where we’ll start introducing them. One of the options around introductions is to involve the people that participated in this crowdfunding,” he explained.
The Crowdcube campaign listed several rewards for backers based on the amount invested, from €750 all the way to €250,000. “There are options to get free burgers, skip the line once we get an approval, or even join our founders in Maastricht for an exclusive tasting event this year,” said Bosch.
Mosa Meat held a public tasting for cattle farmers, product developers and other industry representatives at its headquarters in Maastricht in July, where it dished out hybrid beef burgers.
Where can you taste it next? “We are currently creating our next-generation products and are preparing to submit tasting approvals for those this year,” said Bosch.
Other alternative protein startups that have successfully taken the crowdfunding approach include fellow cultivated meat company SuperMeat and plant-based meat players THIS, Heura and La Vie. The Pack, a vegan pet food player that just debuted dog treats blended with Meatly’s cultivated chicken, has also pursued crowdfunding.
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