Chicago biotech startup Clever Carnivore raises $7m to expand operations, scale up production of cultivated meat

Chicago biotech startup Clever Carnivore raises $7m to expand operations, scale up production of cultivated meat

Published: 05-12-2023 12:32:00 | By: Pie Kamau | hits: 2582 | Tags:

Clever Carnivore, a Chicago biotech startup producing low-cost, top-quality cultivated meat, has announced the successful closing of its $7 million seed round funding. The round was led by Lever VC, a globally renowned investor in the alternative protein industry.

The seed round was oversubscribed, reflecting the growing investor confidence in Clever Carnivore’s innovative approach. This successful funding round will enable Clever Carnivore to accelerate its expansion plans and fuel the company’s mission to redefine the way consumers access and enjoy top-tier meat products.

Virginia Rangos, CEO and Co-founder, Clever Carnivore: ''We are delighted with the enthusiastic support from our investors in this seed round. This funding is a testament to the hard work and dedication of our entire team and reaffirms the confidence that investors have in our cutting-edge science, technology and business model. With this investment, we are well positioned to revolutionize the protein market and enhance the overall consumer experience.''

Clever Carnivore received substantial backing from national and international investors, including McWin Capital Partners from Spain; Thia Ventures headquartered in Belgium and Switzerland; Valo Ventures from Palo Alto, California; Newfund Capital from France; and Stray Dog Capital, a Midwest-based fund with roots in Kansas.

Nick Cooney, Managing Partner, Lever VC: ''We’ve been tracking and investing across the global cultivated meat sector since the first such company launched eight years ago, and we haven’t seen anyone come remotely close to Clever Carnivore’s astoundingly low current cost of production, a testament to the company’s phenomenal science.''

Bart Van Hooland, Managing Partner, Thia Ventures: ''We are convinced that cultivated meat will become an essential part of the food on our plate. What was missing up to now was the technology to make products that will provide the same taste and nutrition as meat from farmed animals and at a truly competitive price. Clever Carnivore has what it takes to bridge that gap, and they move very fast.''

Clever Carnivore plans to relocate its Lincoln Park operations to a larger nearby facility by year-end. The expansion will allow the company to scale up production into 500L bioreactors and add in test kitchens, as Clever Carnivore’s early growth has already surpassed the capacity of its inaugural lab.

Clever Carnivore is currently producing cultivated pork sausage, with plans to unveil its prototype product, the Clever Bratwurst, in early 2024. Chicago, historically the meatpacking capital of the world, is now gearing up for a resurgence in the protein production industry - this time, using more efficient and sustainable processes. As a Chicago-based biotech pioneer, Clever Carnivore is leading the charge.

www.clevercarnivore.com