CULT Food Science Corp has announced that its San Francisco, California-based portfolio company, Eat Just Inc has recently received approval from the Singapore Food Agency to sell new types of cultivated chicken products, including chicken breast, in 2022.
The Vancouver, British Columbia-based company said that the SFA approval is aligned with Singapore’s target to produce 30% of its nutritional needs in-country by 2030, via a combination of cell-based agriculture and other innovative technologies. Cell-based proteins are being represented as potentially more sustainable, environmentally friendly, and scalable than traditional meat products, as large volumes of cell-cultured foods can be produced using less land and labour.
“CULT applauds Eat Just’s receipt of additional approvals from the Singapore Food Agency as continued evidence of its industry-leading production, compliance, and innovation capabilities,” said Dorian Banks, CEO of CULT in a statement.
He added: “A core holding of CULT’s investment portfolio, GOOD Meat’s progress further crystalize CULT as the most accessible and democratized pure-play platform for cell-based foods and associated IP and research opportunities.”
READ: CULT Food Science completes strategic investment in Singapore-based Umami Meats
Eat Just was founded in 2011 and surpassed a US$1 billion valuation in 2016. Eat Just formed the GOOD Meat division in 2017 when CULT’s portfolio company announced that it was developing a lab-grown meat product to make chicken nuggets. GOOD Meat division completed a US$97 million financing, as part of a total US$267 million round, setting a record for the cultured meat industry, the company said.
GOOD Meat produces meat products in a controlled, sterile environment from a single cell, thereby removing slaughter from the process and significantly lowering the risk of food-borne illness. The cell-based meat is more safely produced by being grown in a bioreactor in a fluid primarily containing the simple components of amino acids, sugar, and salt.
In addition, Eat Just recently announced plans for private tasting sessions of its newly approved chicken products being hosted at the JW Marriott Hotel Singapore South Beach during the week of December 20, 2021.
CULT Food Science is an innovative investment platform with an exclusive focus on clean, lab-grown food that is advancing the development of novel technologies to provide a sustainable, environmental, and ethical solution to the global factory farming crisis.
Contact Ritika at ritika@proactiveinvestors.com