CULT Food Science Corp., the Canadian investment platform has finalized a strategic investment in Novel Farms, a California based company that specializes in cell-cultured meat.
So far, CULT has exclusively invested in cell-cultured meat and dairy companies, which is why Novel Farms is an ideal addition to its portfolio. The company is working on proprietary tissue development processes with the goal of producing whole cuts of gourmet cell-cultured meat. These gourmet meats will include products such as Iberian pork and dry-cured Iberian ham.
According to Novel Farms, it will use the new funding to add on to its team, begin a pilot, and increase production. The company aims for its products to be distributed through fine dining restaurants and foodservice, and later become available at speciality retailers. The company has already shown promise, as earlier this year, it was declared as a semifinalist of the XPRIZE Foundation Challenge.
“A sustainable, safe and secure solution will be required to meet the global growing consumer demand for meat and dairy products, and at CULT Food Science we unequivocally believe that the future of food will be science-based,” said Dorian Banks, CEO of CULT Food Science
Additionally, Novel Farms says it plans to offer its Iberian Ham at the same price range as the conventional variety. Although cell-cultured meat is often very expensive to produce, it appears this is beginning to change; late last year, an Indian cultured chicken company claimed it had achieved price parity, and other companies are cutting down costs.
“Using animals to convert plants to meat is incredibly inefficient,” said Banks. “Our investment in Novel Farms, a company at the forefront of premium cell-based meats, advances our vision of a cleaner, more ethical, and more secure food supply chain.”