In another sign that global food markets are on the precipice of change, cultured meat company Vow has banked US $6 million of fresh funding.
In 2019, with a Kangaroo dumpling, Vow became the world’s first company to make a food product from the cells of an undomesticated animal, instead of the animal itself. Since then, Vow has grown its library to 11 different animals, both standard and exotic fare, and plated six of them in a world first product demonstration in partnership with Australia’s most renowned chef – Neil Perry.
With the upcoming completion of its state-of-the-art food design studio and laboratory in Sydney, Vow is positioning itself as the best company to work for in the cultured meat industry. New recruits from top universities, high-tech industries, and even other cultured meat startups, are jumping ship and moving countries to join Vow, which has grown its team from five to 22 people in less than a year.
“We’ve placed a deep focus on culture and individual personal development, and it’s been one of the best investments we’ve made,” says Dr. James Ryall, Vow’s chief scientific officer,
With a world-class team experienced in sectors that include autonomous vehicles to fintech, and with US $6 million in new funding, Vow is now setting its sights to outperforming meat, instead of simply replacing it.
Vow makes meat from the cells of animals to create food products more delicious than anything seen on supermarket shelves. Instead of using animals, Vow can leverage not only standard livestock cells such as pork and chicken, but also the cells of new and less conventional animals like kangaroo, alpaca, and water buffalo.
With the first cultured meat products being approved for sale in Singapore in December, this latest raise cements the validity of the cultured meat industry and positions Vow as the team to watch in the race to feed billions of people sustainably.
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“There’s no doubt that cultured meat is becoming available and will soon be mainstream, as evident earlier this month with the world’s first cultured meat product approved for sale in Singapore,” said George Peppou, co-founder and chief executive officer, Vow. “This is about so much more than an alternative to animal agriculture, it’s about a category of products totally distinct from, and better than, what animals are capable of producing.”
“We believe that the only way to change the behaviour of billions of people is to make many products that are simply better than what we have today,” said Tim Noakesmith, Vow’s co-founder and chief commercial officer.
“This latest round of investment allows us to focus on the culinary opportunity and make food that really excites people. It’s a bonus to know that these are the same foods that will allow us to live in harmony with our planet and move away from the climate emergency associated with our current food systems.”
The Series Seed round is led by Square Peg Capital. Also joining the round are existing investors Blackbird Ventures and Grok Ventures (the investment office of Mike and Annie Cannon-Brookes), as well as new investors Tenacious Ventures. This round will also see the appointment of James Tynan from Square Peg to the Vow board of directors.
“In Vow, we found a team with the most audacious vision for the future of food. They’re tackling one of the biggest problems on the planet and have delivered results with less than 1 per cent of the resources of its competitors,” said James Tynan, Square Peg Capital. “We’re thrilled to help them make this vision a reality.”
“We feel incredibly lucky to have some of the world’s best tech investors joining us on our journey. It’s a vote of confidence in our ability as a team, as well as the huge potential of the cultured meat market,” said Peppou.