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 and also includes 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 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 most notably, 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.
CellulaREvolution, a spin-out from Newcastle University, are revolutionising cell cultivation with their scalable bioprocessing technology to ensure todays producers can meet tomorrow’s demand. The company has developed industry-leading technologies that enable more efficient and affordable cell proliferation. The process developed by the company facilitates a higher yield at a lower cost by replacing traditional batch processes with continuous cell culturing technologies.
About Happiness Capital
Happiness Capital, a global venture capital firm based in Hong Kong, empowers entrepreneurs to co-create a happier world. Currently, its investment portfolio covers seed to growth stage companies in the US, Europe, Israel, and China. It creates a global impact on trust, food, health, climate change, and reduced inequalities. Happiness Capital is a member of Lee Kum Kee Group.
About Allusion One
Allusion One is the investment fund of Allusion. The fund mainly invests in early stage B2B companies active in Blockchain, Biotech & Health extension, AI and IoT. The portfolio currently consists of a diversified set of companies based in Europe and England. Together with Happiness Capital, it aims to make CellulaREvolution the market leader in its field.