Gourmey gets $48 million to continue working on the lab-grown foie gras


French start-up Gourmey recently raised a Series A round of funding which was led by Earlybird Venture Capital. The company raised 48 million dollars (EUR48 millions). The company is developing cultivated meat and specifically, foie gras grown in labs. It’s part of a growing number of companies seeking to transform products from cell-cultured meat into mainstream items.

“Most of the financing is equity but also includes a minor portion of non-dilutive funding, specifically from public institutions like Bpifrance,” co-founder and CEO Nicolas Morin Forest said to me. Gourmey hasn’t disclosed the value of the business.

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Other investors who participated in the round today comprise Keen Venture Partners, Omnes Capital, Discovery, Thia Ventures, Instacart CEO Fidji Simo and a few of the existing investors including Heartcore Capital, Point Nine Capital, Air Street Capital, Partech and Beyond Investing.

Gourmey develops stem cells bioreactors that have the proper nutrients at the right temperature, so that it can become synthetic foie gras, oras they saythe foie gras that is slaughter-free.

Of course, there’s an awful stigma that is that is associated with foie gras. Some people will not consume foie gras for fear of the cruelty to animals. In general, eating meat has an influence on the environment.

Today’s round of funding the company is looking to shift beyond research and development into commercialization. However, you won’t see Gourmey’s products in the supermarket at this point.

“Our cultivated foie gras is market-ready and has already convinced several French and international Michelin-starred chefs, restaurants, and high-quality meat distributors,” Morin-Forest added.

To meet orders on a large scale The company plans to build a 37,000 square-foot innovation and manufacturing hub which is around 3,400 square meters. The hub should be operational in the next 18-24 months.

There will be around 120 engineers, food experts , and operators who will be working there, and they will produce many pounds worth of meat from cultivated sources.

“In parallel, we are working hand in hand with the food safety authorities and agencies to obtain regulatory approval and bring our product to market in the safest conditions in several geographies like Singapore, the U.S., the U.K., and the E.U.,” Morin-Forest added.

The news today comes only a few weeks following the announcement that the Standing Ovation has raised the sum of $12 million to create an animal-free, vegan casein to use in cheese. Meatable has also recently presented their synthesized sausages. In the same way, cultivated meat is fast becoming a thriving industry.

In the near future, these firms will be competing one another as they expand their product offerings. “We continue to work on expanding our portfolio of high-quality, sustainable meat products in poultry but also other species and we have several exciting announcements coming up,” Morin Forest said.

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