“We use side stream raw materials rather than dextrose as feedstocks, and our product doesn’t go through the cold chain,” says Enifer cofounder Simo Ellilä.
“For me, supply is the absolute constraint in this [mycoprotein] market right now,” says ENOUGH CEO Jim Laird.
At Mosa Meat, says VP global public affairs Robert Jones, “We tightened our belts, we went back to the drawing board on the long-term strategic plan and got more focused.”
Global demand for seafood is set to soar in the coming years, yet in the first half of 2024 funding was down 40% compared to the first half of 2023.
LanzaTech is in the engineering design phase for a pilot facility expected to be operational in 2026 and has developed a roadmap to commercial-scale production in 2028.
The firm started protein production in Amiens over the summer, but needs to secure more funding to get to a scale whereby it can “ensure profitability.”
The Slovenian startup is “on a path to become profitable by the end of this year,” says cofounder and CEO Tilen Travnik.
The capital injection will be used to support entry into new markets, expand the product portfolio, scale production, and accelerate R&D.
The firm, which raised a $226m series B round in 2021 when money was cheap and interest in alt proteins was sky-high, has since struggled to navigate a more challenging environment, with investor sentiment souring on meat alternatives amid declining retail sales.
“The product is fantastic,” says Phil Graves, who took the helm in February. “But it was clear when I joined that the business needed to make some strategic shifts and needed to make them quickly.”
Asked whether he would remain in the CEO role, founder Dr. Oliver Zahn said: “TBD. In line with the commercial trajectory, we will be on the lookout for a strong commercial lead at the exec level, so I can focus on science and vision.”
Existing single-cell suspension stir tank bioreactors “can’t be used to effectively produce non-GM, cultivated muscle and fat,” claims Mission Barns.
The only subsegment delivering meaningful growth in unit sales was coconut milk, with dollar sales up 12.6% and units up 13.9% in the year to July 14, albeit off a small base.
The pair are also exploring using lactose permeate, a byproduct of milk protein production, as a feedstock for Superbrewed Food’s microorganisms, creating a circular solution.
A new player has emerged on the alt dairy scene with an aged plant-based cheddar launching at select restaurants in New York City and the San Francisco Bay Area under the Plonts brand.
“We are trying to drive this business to cashflow positive operations as quickly as possible,” says CFO Lubi Kutua. “We have not said that that will occur this year.”
“We have very low capex, which allows us to to sell at parity, or even in some instances, to undercut traditional seafood,” says CEO Brittany Chibe.
São Paulo-based startup Typcal is seeking to blaze a trail in the Latin American market with mycoprotein which it claims grows more rapidly, on a broader range of feedstocks, than competitive fungi strains.
“Cultivated meat can address the issues that consumers care about and have already shown they will pay extra for, so if we can do it efficiently, why wouldn’t they buy it?” asks Jeff ‘Trip’ Tripician.
According to auctioneer Silicon Valley Disposition, equipment up for sale includes “high-end and late-model (mostly 2022) R&D instruments” including bioreactors.
