Canadian biotechnology startup Evolved Meats raised $2 million in funding to accelerate the development of its cultivated meat platform and scale up production processes.
The investment round was led by Canadian protein company, Maple Leaf Foods. Big Idea Ventures, Garage Capital, Saltagen Ventures, the University of Waterloo’s Velocity Fund and strategic angels also provided funding.
Through cell sheet engineering, Evolved Meats can create functional tissues that can be arranged to replicate any cut of meat from any species. This results in an alternative protein product that recreates the fibrous texture, marbling, taste, mouthfeel and nutrition of traditional proteins without the need for scaffolding or binders, according to a press release from the company.
"Our unique ability to create functional tissues will help us scale out our production while driving towards price parity with conventional meat," said Evolved Meats CEO Alireza Shahin.
"This mix of familiar cuts and affordable prices will enable Evolved to lead a massive transformation of the food system, and we are excited to work with Maple Leaf Foods and Big Idea Ventures to usher in that change."
Maple Leaf Foods continues to invest in alternative proteins
Although this is Maple Leaf Foods first foray in cultivated proteins, this is not the first time the Canadian company has invested in alternative proteins.
"Maple Leaf Foods' vision is to be the most sustainable protein company on earth. We are committed to supporting promising new technologies with the potential to nourish people and protect the planet," said Michael McCain, President and CEO of Maple Leaf Foods.
"We are excited to invest in Evolved, as they pursue their vision to produce cultivated meat production using their unique technology."
The Ontario-based company entered the plant-based protein sector in 2017 with the acquisition of Lightlife Foods, followed by the purchase of Field Roast Grain Meat Co. in 2018. The two plant-based protein brands formed company subsidiary, Greenleaf Foods. In 2021, Maple Leaf Foods purchased a processing plant in Indianapolis, Indiana, which was to be used for plant-based protein production.
Maple Leaf Foods is also a leading Canadian producer of pork and poultry products.
