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CULT Food Science Corp. (CSE: CULT, OTC: CULTF) has partnered with LYTA Ventures to establish a venture studio aimed at accelerating the development of cellular agriculture start-ups across North America. As part of this collaboration, CULT will earn management fees and equity stakes in the new ventures. The venture studio model is expected to enhance the success rate and speed of capital raising for these startups, given that companies in such environments typically reach Series A funding faster and achieve higher returns. The cellular agriculture market is projected to reach $90 billion by 2030, highlighting significant growth potential.
CULT Food Science announced that its affiliate, GOOD Meat, has gained the world's first regulatory approval from the Singapore Food Agency (SFA) for serum-free media in cultivated meat production. This milestone aims to lower costs and enhance scalability, bringing the industry closer to competing with traditional meat prices. Currently, growth media accounts for up to 95% of cultivated meat production costs, making this approval significant. GOOD Meat also launched cultivated meat sales at Huber's Butchery in Singapore and is constructing a facility to produce large quantities using the new serum-free process, expected to open later in 2023.
CULT Food Science Corp. (CSE: CULT, OTC: CULTF) has announced the launch of CULT Foods, its new products division focused on cell-based products. This initiative aims to reduce environmental impacts associated with conventional food production, which contributes significantly to greenhouse gas emissions. The division will introduce two novel products: Zero Coffee, the first sparkling coffee made with cell-based coffee, and Free Candy, a performance gummy made with cell-based collagen. CULT aims to make sustainable, cell-based foods a part of everyday life.
CULT Food Science Corp. announced that its affiliate, MeliBio, will distribute its vegan, plant cell-based honey under the Better Foodie brand across 75,000 stores in Europe in collaboration with Narayan Foods, starting in early 2023. MeliBio's innovative honey uses precision fermentation to replicate traditional honey's taste while protecting bee populations. The company also secured an additional $2.2 million investment, raising total funding to $9.4 million. This partnership is expected to meet growing demand for sustainable food alternatives.