Meros co-founder Lucia Vancura kicked off January at the Tufts University Center for Cellular Agriculture (TUCCA) Cellular Agriculture Innovation Day in Boston, eager to understand how investors were thinking about the cellular agriculture sector for 2025 and if it was really as pessimistic as it seemed. In this installment, we take a look at the global funding dynamics for cellular agriculture.

Private investments in cultivated meat startups are down dramatically from a peak of $1 billion in 2021 to just $177 million in 2023 and even further down in 2024. Early data does not show a rebound in 2025.

From the various panels and talks with participants, it was clear that the science behind cellular agriculture has made huge advances over the past couple of years. The enthusiasm for the basic research and all its potential uses was everywhere at the conference but the funding?

Four Takeaways:

1. The Private Funding Drought is Real: Investors are pulling back as valuations plummet, making it harder for early-stage companies to secure capital. Steve Simitzis from Solvable Syndicate was a panelist and remarked that “The science is much further along, but the ecosystem and financial support are lagging.”

2. Public Funding, such as Research Universities is Now Key:
To keep the momentum in the basic science research, more public funding will probably be necessary. Tufts University itself is an example of university and public money focusing on the science and early stage commercialization of cellular agriculture with 90 researchers now at their center. The University of North Carolina and the National University of Singapore were also there to give perspectives on their research hubs.

3. Better Strategic Partnerships:
Private investors noted that it’s time for the cultivated meat sector to pivot from aiming at flashy consumer-facing products to partnerships with traditional meat companies. Startups will need to integrate cultivated meat into existing supply chain, such as blending small amounts into fast food or pet food products, to gain traction. Companies need to focus on getting offtake agreements. When we see the first one of these agreements for cultivated meat, we will know the sector has reached the next level.

4. Governments are Seeing the Opportunities to be Industry Leaders:
Despite the challenges, there are governments worldwide leaning into cellular agriculture. India, Israel, and Brazil are integrating alternative proteins into their national plans and South Korea has created a special economic zone for the development of cultivated meat.

Investors still seemed enthusiastic about the long-term potential, but they’re still looking for that clear path forward that includes public support, strategic partnerships, and de-risked investments.

(Photo from a great discussion with Natalie Rubio, Steve Simitzis from Solvable Syndicate, Bill Shaw, Steven Finn from Siddhi Capital, and Meghan McGill from Breakthrough Energy Ventures)