London-based startup Meatly has closed a £10.4 million Series A funding round to construct a 20,000-litre bioreactor facility, which will be Europe’s largest for cultivated meat production. Led by Oyster Bay Venture Capital, Clean Growth Fund, and JamJar Investments, the round brings total funding to £17.4 million. Founded in 2022 by Owen Ensor and Dr Helder Cruz, Meatly produces chicken meat from animal cells without slaughter, initially targeting the UK pet food market. The company has dramatically reduced costs, achieving £0.22 per litre for culture medium by 2024. Meatly plans to launch commercial products and expand beyond pet food by 2027.
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Meatly raises £10.4 million in Series A funding to expand its cultivated meat production in Europe.
Meatly, a London-based startup, has successfully closed a £10.4 million Series A funding round aimed at building a 20,000-litre bioreactor facility, set to become the largest of its kind for cultivated meat production in Europe. This round was led by Oyster Bay Venture Capital, Clean Growth Fund, and JamJar Investments, with previous support from Agronomics and Pets at Home, bringing the total funding to £17.4 million.
Founded in 2022 by Owen Ensor and Dr Helder Cruz, Meatly is pioneering the creation of real chicken meat from animal cells, eschewing traditional slaughter methods. This process is conducted in large steel bioreactors, where cells proliferate in a nutrient solution. The company has already introduced its cultivated chicken products to UK retailers, primarily for the pet food market.
The cultivated meat industest faces challenges in scaling due to high production costs, particularly for cell culture media and bioreactors. However, Meatly has built significant strides in cost reduction, achieving a cost of £0.22 per litre for its culture medium by 2024 and reducing bioreactor costs tenfold by manufacturing equipment in-hoapply.
“Our goal is to create commercially viable cultivated meat a reality,” declared Ensor. The company has focapplyd on reducing key costs and establishing a strong technical foundation for growth. By 2027, Meatly aims to launch commercial products and expand its offerings beyond pet food.
Investor Elise Schumacher from Oyster Bay Venture Capital commented, “Meatly is laying the foundation for a new protein category, demonstrating the viability of cultivated meat as a sustainable and ethical alternative.”
The funding will be directed towards constructing the London facility, enabling Meatly to scale production and meet the growing demand for sustainable meat alternatives in the UK and beyond.
