CULT achieves third funding round this year
The cell-based firm will cash a total of $2.3 million to expand the cultivated meat market into pet treats and food in the US. GlobalPETS talks to its CEO.
Vancouver-headquartered CULT Food Science will cash C$3.3 million ($2.3M/€2.2M) to ramp up its cat and dog cultivated-meat pet snacks under the Noochies! brand.
Earlier in the year, the company raised C$800,000 ($577K/€533K) to expand Noochies!’s portfolio, followed by C$1.5 million ($1.08M/€1M).
An ongoing round worth C$1 million ($722K/€666K) is expected to be completed this month.
Market approval
CULT subsidiary Further Foods is in the process of submitting an application for a feeding trial to the US Food and Drug Administration (FDA) to gain regulatory approval for its cell-cultivated chicken products in North America.
In a conversation with GlobalPETS, CULT’s CEO Mitchell Scott shares that they expect feedback on its proposed feeding trial design “shortly.” If it receives a positive response from US authorities, it hopes to begin feeding trials in the last quarter of 2024.
“We expect to navigate the trials successfully and get approval to sell cultivated meat in our pet food treats and products in the near future,” he says.
Retail strategy
The company is targeting the US market with an omnichannel distribution strategy.
“The new products containing cultivated meat will likely be rolled out online (avoiding any restrictions) as well as into the California market initially. [We expect] no major challenges other than navigating the regulatory environment and ensuring we have enough supply of product,” notes Scott.
The company’s cell-based pet food and treats aims to retail its products through its own website and third-party marketplaces, including Amazon. Additionally, CULT is also targeting the specialty pet retail channel.
Share this story:
