French cultivated meat startup Gourmey has raised €48 million in what is thought to be the largest fundraising round of its kind for the sector.
The raise, notably joined by France’s public investment bank Bpifrance, will fund the construction of Europe’s biggest cultivated production hub in Paris. Regulatory approval is not yet granted for cultivated meat sales in the EU, but the development of products is permitted.
Gourmey is currently focused on cultivated foie gras. The company states that by creating a “cruelty-free” alternative, it is honoring the cultural heritage of its home country—all while embracing new technology and supporting a sustainable food system.
While other European countries, including the Netherlands (the widely accepted birthplace of cultured technology), have made progress with consumer support, France has not yet managed to garner widespread acceptance.
This is largely due to a 2021 ban on cultivated meat products in canteens throughout the country. It was introduced despite nothing being available yet. French farming lobbies have also demonstrated concern. Plus, key political figures have used their professional platforms to make their personal feelings known.
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Despite potential domestic resistance, Gourmey is pressing ahead with the construction of a 46,000-square-foot production plant to support its cultured foie gras ambitions. The facility is slated for completion in 2024.
