Bright Biotech secures $3.2m from FoodLabs and other investors to advance plant-based growth factor production.
The oversubscribed round was led by FoodLabs to support research and manufacturing expansion.
≈ £2.7M at $1 = £0.8456 on 21 Nov 2022
Bright Biotech is a molecular farming startup based in Manchester that produces growth factors using plant chloroplasts to lower the cost of cultivated meat.
Manchester-based molecular farming enterprise Bright Biotech has secured $3.2m in an oversubscribed funding round. The investment was led by FoodLabs, with participation from Big Idea Ventures, CPT Capital, the FoodHack syndicate, and business angels.
The capital will be directed towards advancing research and development for genetic engineering methods, expanding the scientific team, and scaling manufacturing capabilities. The firm uses plant chloroplasts to produce growth factors efficiently, aiming to address cost barriers in the cultivated meat sector.
Founded in 2019, the company draws on expertise from its academic and professional roots to develop scalable biological production systems. Backed by its new syndicate of investors, Bright Biotech prepares for commercial rollout as demand for sustainable protein alternatives increases globally.
From the founder
"We are glad to have won such renowned and like-minded investors backing our vision for a more sustainable food system"
Mohammad El Hajj
Co-founder and CEO at Bright Biotech
Investor perspective
"Bright Biotech’s approach to harnessing chloroplasts for manufacturing growth factors in plants can be a game changer for the cultivated meat industry and will be a key enabler to achieve price parity"
Christian Guba
Senior Associate, FoodLabs
Use of funds
- 01Fund research and development
- 02Grow the team
- 03Build out infrastructure
Investors
Categories
About the company
Bright Biotech
Bright Biotech manufactures growth factors in plants to produce affordable cultivated meat at scale.