Newcastle biotech spin-out raises £1.75m to accelerate technology launch

Image of Dr Martina Miotto of CellulaREvolution

Biotech technology disrupter CellulaREvolution, which aims to revolutionise the way cells are grown, has raised £1.75 million from a group of notable investors in a round led by Happiness Capital, including Allusion One, the first investment arm of Allusion.

The investment will be used to accelerate research & development and strengthen their commercial team as they prepare to take their bioreactor technologies to market.

Eric Ng, CEO at Happiness Capital, said: “We have taken an in-depth look at the industry and considered that CellulaREvolution has a unique b2b offering which is expected to have a huge impact on the cost-efficient commercialization of cultured meat in the coming years. We are keen to support the company on their journey and look forward to being an active shareholder”.

Cultivated meat producers continue to face countless challenges as they strive to achieve price-parity with conventionally grown meat. The upstream technologies developed by
CellulaREvolution will be of critical importance in establishing cultivated meat as a realistic,
viable and attractive alternative to factory farming in meeting the world’s growing demand for
food. The technology also has applications in the biologics and cell therapeutics verticals,
further strengthening the company’s future competitive position.

Leo Groenewegen CEO of CellulaREvolution, who was recruited through Northern Accelerator’s executives into business programme, said “I am delighted to announce the
investment from Happiness Capital and Allusion One. We have been able to secure growth funding from very reputable investors and are now ready to accelerate the development of our products and our company at an increased pace. Looking forward we will be bringing our enabling technologies to market soon, doing our part to bring high quality and affordably cultured meat to consumer’s plate sooner rather than later!”

This funding follows a seed investment of £1.2m in January 2021, when CPT Capital, an expert investor in the alternative protein space and early investors in the world’s leading cultivated meat producers, participated in the round joining existing investors Northstar Ventures and the Northern Accelerator Seed Investment Fund (NASIF). NASIF invests on behalf of the North East’s universities. 

The investment closely follows the appointment of Chris Green as Chief Commercial Officer.