Agrifood
A pioneer in cultivated meat technology
Approach
Direct investmentDate
May 23, 2024Reading time
3 minutesMeatable, an innovative Dutch company based in Leiden, is on the verge of a food revolution with its cultivated meat technology. Aiming to produce meat identical to conventional meat but without the negative environmental impact, Meatable has quickly become a leader in this rapidly expanding industry.
Invest-NL invested € 15 million in Meatable, partly covered by a guarantee from the InvestEU programme, of which Invest-NL became an implementing partner in 2023. Krijn de Nood, CEO of Meatable, and Bastiaan Gielink, Senior Investment Manager at Invest-NL, share insights about the investment process and the period afterwards.
Meatable is a Dutch biotechnology company focused on developing cultured meat, primarily pork. The company uses advanced biotechnology to produce meat with the same taste and texture as traditional meat, but without the environmental impact of conventional livestock farming. Meatable begins the process with a small sample of animal stem cells, which are cultured in the laboratory to muscle and fat tissue, aiming to refine and scale this process for commercial production.
About the role of Invest-NL
Bastiaan Gielink from Invest-NL reflects on key moments in the investment process with Meatable. "An important moment was supplementing the funding round to at least € 30 million, with existing small shareholders providing the final commitments," Gielink explains. “The InvestEU guarantee scheme offers us the opportunity to cover part of the risk and enable further investments in later rounds. We are also pleased with the EU’s willingness to invest in cultured meat.” The discussions with lead investor Agronomics on why they believe in Meatable were also crucial for Invest-NL in the investment process.
We are pleased with the EU's willingness to invest in cultivated meat.
Bastiaan GielinkSenior Investment Manager at Invest-NL
Investing is partnership
Gielink emphasizes the value of the deep dive into the product and the interaction with Meatable's leadership team as key factors. "The tour of the lab facilities, passionate conversations with the researchers, and the technical deep dives with assistance from our Life Sciences and Health (LSH) colleagues about the technology were particularly enlightening," he adds. These moments not only strengthened confidence in the technology but also deepened the relationship between Meatable and Invest-NL.
Meatable's experiences
Krijn de Nood reflects on the collaboration with Invest-NL. "Although the investment process itself, in cooperation with Invest-NL, did not differ much from other investors, the feeling of having a strong Dutch investor on board was very beneficial for us," explains de Nood. He emphasizes how the constructive, involved, and approachable attitude of Invest-NL contributed to stable progress during and after the funding round. “I see Invest-NL as very important for the tech startup ecosystem.”
Do what we say and say what we do.
Krijn de NoodCEO Meatable
Innovative entrepreneurship means managing expectations
The Nood also discusses the challenges associated with working on such groundbreaking innovation. "Managing expectations is crucial. We focus on a step-by-step approach to demonstrate what we can do, without falling into ‘overpromise’ and ‘underdeliver’. Our sober Dutch approach, I believe, helps us build trust by being consistent in our communication and delivery," he says. “Do what we say and say what we do.”
With a view to a product launch in Singapore and approval to organise tastings in the Netherlands, Meatable foresees an exciting period ahead where the Dutch and eventually the global public can get to know cultivated meat. "These developments bring us closer to our goal of making cultivated meat accessible to everyone, with respect for people, animals and the planet," concludes the Nood.
Questions about this investment? Bastiaan is happy to help!
Bastiaan Gielink
sr. investment manager
