Hoxton Farms raises $22m in Series A funding to build its first pilot production facility in London.
Collaborative Fund and Fine Structure Ventures led the round to support the scale up of cultivated fat manufacturing.
≈ £19.6M at $1 = £0.8911 on 20 Oct 2022
London based biotechnology startup cultivating real animal fat in bioreactors to improve the taste and texture of plant based meat alternatives.
Hoxton Farms has secured $22m in Series A financing to construct its first pilot production facility in London. The funding round was led jointly by Collaborative Fund and Fine Structure Ventures, with additional participation from Systemiq Capital, AgFunder, MCJ Collective, Founders Fund, BACKED, Presight Capital, CPT Capital, and Sustainable Food Ventures.
The capital will enable the startup to build a 13000 sq ft facility in Shoreditch, submit regulatory dossiers, advance customer partnerships, and improve the cost efficiency of its cultivated fat production.
Founded in 2020, the London enterprise applies mathematical modelling and machine learning to develop proprietary bioreactors and animal free culture media. The company currently employs over 20 people and aims to expand its headcount significantly over the coming year.
From the founder
"At Hoxton Farms, we are obsessed with fat. Fat is the single most important sensory component in all of the meat that we eat. Using cultivated fat alongside plant proteins, we have shown that we can make products with the juiciness and flavour that plant-based meat has been missing. We’re now building our pilot plant in central London so that we can show visitors a new way of making the same delicious meat."
Max Jamilly
Co-founder at Hoxton Farms
Investor perspective
"At Collaborative Fund, we’ve been investing in better ways to produce meat for over a decade, including in companies like Impossible Foods and Beyond Meat. These brands have done a phenomenal job delivering on the protein side of the equation, but we still need a breakthrough in fat to compete with conventional meat on taste, texture, health, and cost. We’re convinced that Hoxton Farms is the company that will deliver on that promise."
Sophie Bakalar
Partner, Collaborative Fund
Use of funds
- 01Build out infrastructure
- 02Fund research and development
- 03Scale operations
Investors
Sophie Bakalar
Collaborative Fund
Jennifer Uhrig
Fine Structure Ventures
SYSTEMIQ
AgFunder
MCJ Collective
Founders Fund
Presight Capital
CPT Capital
Sustainable Food Ventures