Evolved Meats (formerly known as CaroMeats), a Mississauga, Ontario, Canada-based cultivated meat startup, raised $2 million in seed funding.
This round was led by Canada’s protein company, Maple Leaf Foods Inc., joined by a global protein fund, Big Idea Ventures, and investors Garage Capital, Saltagen Ventures, the University of Waterloo’s Velocity Fund, and strategic angels.
The funds will be used by the company to increase product development and production.
By growing meat directly from stem cells, Evolved’s technology represents a sustainable path forward to mitigate both of these challenges. Evolved’s species agnostic platform grows whole cuts of meat that are structurally and biochemically identical to conventional cuts of meat butchered from animals (eg. Steak, pork belly and chicken breast, fillets of fish, and so on. Evolved’s ability to grow functional tissue allows it to create a unique production process that offers the possibility to be a low-cost operator in this space.
Evolved’s CEO Alireza Shahin is leading the effort to create a sustainable food company that recreates the texture, marbling and taste of traditional meat from cells. The process is more efficient than traditional meat production, uses less water and produces fewer greenhouse gases. It also causes less harm to animals and causes less environmental damage.