Lab grown meat and skin pioneer 3D Bio-Tissues has secured a €612,000 grant to ramp up production of its leading product.
Newcastle based 3D Bio-Tissues (3DBT) is working to disrupt the food, fashion and pharmaceutical sectors with its cruelty-free, lab cultivated meat and skin, which is grown from a patent-protected supplement called City-Mix which takes away the need for the use of animal serum. The company is owned by listed invested company BSF Enterprise, which is focusing on unlocking the next generation of biotech solutions from the lab-grown tissues.
The firm has now issued a stock market announcement, detailing the €612,000 (£527,000) grant from the European Institute of Innovation and Technology (EIT Food) to upscale the production and sales of City-Mix. EIT Food, which was co-founded in partnership with the European Union, aims to drive the production of cultivated meat, reduce the cost of cultivated meat production, and accelerate its commercialisation.
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The fund is the second grant awarded by the organisation, bringing total funding to €712,000 and follows 3DBT’s participation in the Cultivated Meat Innovation Challenge, which is aimed at solving the biggest barriers to cultivating meat at scale and is backed by the Good Food Institute.
The grant was awarded following a competitive application process and saw 3DBT win over just three companies which were selected from the applicants. Che Connon, chief executive of 3D-Bio Tissues, said the grant award is a strong endorsement of City-Mix and the team’s work.
The grant follows news that the firm has launched a presence in Hong Kong, to give it greater access to the Chinese market. The firm will use the funds to expand its sales team, following the positive reception that City-Mix has received in the market to date. It will also be used to increase the manufacturing capacity for City-Mix and for development of the product range.
Mr Connon said: “To have received this grant on the back of a competitive process is a very positive endorsement of our flagship product and business strategy. This funding will fuel our growth without diluting our shareholders. As outlined in our strategic update, we have a clear strategy to achieve international growth and with these funds in hand we are well positioned to implement.”