Simple Planet Secures $6 Million in Oversubscribed Funding Round
Source: The DairyNews
Simple Planet, a South Korea-based producer specializing in cultivated ingredients, has successfully raised $6 million in an oversubscribed pre-Series A funding round.
Notable participants in this round include POSCO CAPITAL, DCP Private Equity, EASY Holdings, Hyundai Venture Investment, among others. This funding round, which brings Simple Planet's total investment to $7.5 million, marks a significant achievement amidst a challenging investment landscape.
A portion of the funding will be allocated towards the construction of a production facility geared towards mass-producing Simple Planet's high-concentrate cultivated meat powder. Additionally, funds will be utilized to streamline development processes, expand into global markets, and secure regulatory approvals.
Simple Planet boasts advanced technologies, including a suspension cell-culture platform featuring 13 cell lines derived from cows, pigs, chickens, and fish. The company made headlines with the launch of its convenience food brand, Balboa Kitchen, aimed at delivering cultivated ingredients directly to consumers.
Expanding Horizons
Simple Planet's ambitious expansion plans into North America align with its goal of expediting the commercialization of cultivated foods. This strategic move follows regulatory approval for cultivated chicken in the United States.
Internationally, Simple Planet's pioneering technology has garnered widespread recognition, winning accolades at prestigious startup competitions such as X-PITCH 2023 in Singapore and WKBC in the US. The company's achievements also include being featured in the UK's FoodForwarding FoodTech 500 list and emerging as the sole Asian finalist in Switzerland's MassChallenge Sustainable Food Solution Challenge 2023.
In January, Simple Planet solidified its position through a strategic collaboration with IRIS Lab, a Seoul-based co-working laboratory and bio food tech cluster. Furthermore, partnerships with renowned accelerator programs like Plug and Play underscore the company's commitment to innovation and growth.
Commenting on the successful funding round, Simple Planet CEO Dominic Ildoo Jeong expressed excitement about the prospects ahead. "We eagerly anticipate the completion of our GMP facility and look forward to accelerating research on serum-free, edible cell culture media," said Jeong. "Our ongoing collaborations with global food companies are geared towards developing prototypes for cell-based food products, and we are poised to explore new business avenues to achieve global market penetration, leading to further significant results."
A portion of the funding will be allocated towards the construction of a production facility geared towards mass-producing Simple Planet's high-concentrate cultivated meat powder. Additionally, funds will be utilized to streamline development processes, expand into global markets, and secure regulatory approvals.
Simple Planet boasts advanced technologies, including a suspension cell-culture platform featuring 13 cell lines derived from cows, pigs, chickens, and fish. The company made headlines with the launch of its convenience food brand, Balboa Kitchen, aimed at delivering cultivated ingredients directly to consumers.
Expanding Horizons
Simple Planet's ambitious expansion plans into North America align with its goal of expediting the commercialization of cultivated foods. This strategic move follows regulatory approval for cultivated chicken in the United States.
Internationally, Simple Planet's pioneering technology has garnered widespread recognition, winning accolades at prestigious startup competitions such as X-PITCH 2023 in Singapore and WKBC in the US. The company's achievements also include being featured in the UK's FoodForwarding FoodTech 500 list and emerging as the sole Asian finalist in Switzerland's MassChallenge Sustainable Food Solution Challenge 2023.
In January, Simple Planet solidified its position through a strategic collaboration with IRIS Lab, a Seoul-based co-working laboratory and bio food tech cluster. Furthermore, partnerships with renowned accelerator programs like Plug and Play underscore the company's commitment to innovation and growth.
Commenting on the successful funding round, Simple Planet CEO Dominic Ildoo Jeong expressed excitement about the prospects ahead. "We eagerly anticipate the completion of our GMP facility and look forward to accelerating research on serum-free, edible cell culture media," said Jeong. "Our ongoing collaborations with global food companies are geared towards developing prototypes for cell-based food products, and we are poised to explore new business avenues to achieve global market penetration, leading to further significant results."
