CULT Food Science Corp. invests in Gourmet Cell-Cultured Meat Company Novel Farms – vegconomist
The Canadian investment platform CULT Food Science Corp. made a strategic investment in Novel Farms, a California-based cell culture meat company.
CULT invests exclusively in cell culture meat and dairy production companies, making Novel Farms an ideal addition to its portfolio. The company is working on proprietary tissue development processes with the aim of producing whole cuts of gourmet cell culture meat – this will include products such as Iberian pork and dry-cured Iberian ham.
Novel Farms says it will use the new funding to expand its team, start a pilot project and increase production. It aims for its products to be distributed through high-end restaurants and food services, and possibly through specialty retailers. The company has already seen some success – earlier this year it was announced as a semi-finalist in the XPRIZE Foundation Challenge.
“A sustainable, safe and secure solution will be needed to meet growing global consumer demand for meat and dairy products, and at CULT Food Science we unequivocally believe that the future of food will be science-based. .
Significantly, Novel Farms plans to launch its Iberian ham at par price with the conventional variety. Cell culture meat is often prohibitively expensive, although this is starting to change – late last year an Indian cultured chicken company claimed it had reached price parity, and d other companies are cutting costs.
“Using animals to convert plants into meat is incredibly inefficient,” said Dorian Banks, CEO of CULT Food Science. “A sustainable, safe and secure solution will be needed to meet growing global consumer demand for meat and dairy products, and at CULT Food Science we unequivocally believe that the future of food will be science-based. . Our investment in Novel Farms, a company at the forefront of premium cell-based meats, advances our vision for a cleaner, more ethical and safer food supply chain.