The Netherlands’ Mosa Meat has announced it is welcoming new and existing partners to help bring its cell-based beef to consumers, as part of €40 million in new capital raised.

The funds will be used to further scale Mosa Meat’s production processeses as it prepares for market entry.

The oversubscribed round was led by Lowercarbon Capital and M Ventures. Investors include new government-backed partners such as Dutch state-owned impact investor Invest-NL, European Commission programme InvestEU, LIOF, the regional development agency for the Limburg province and the Limburg Energy Fund (LEF), the regional fund supporting greenhouse gas emissions reduction.

New partners with a background in the conventional meat sector also partook, including the PHW Group, one of Europe’s largest poultry producers, with new investors such as XO Ventures, Doux Investments and others.

Maarten Bosch, CEO of Mosa Meat, said: “The overall macroeconomic landscape has been rough in the last two years, which has culled the herd of companies and forced us to be even more strategic and focused on achieving our mission. As such, we are humbled and honoured to welcome both public parties and conventional meat producers to join this critical journey.”

He continued: “In an environment that is increasingly polarised, we choose to connect and collaborate, working towards a future where cultivated beef is a real choice for consumers and a complementary solution in the toolbox to combat the climate crisis, biodiversity loss and food insecurity. Rethinking how we produce great food for a growing planet without destroying it is quite a daunting task and will take many people and organisations to pull in the same direction.”

Mosa Meat is currently preparing its first formal tastings of cultivated beef in The Netherlands.

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