CULT Food Science Corp. announced a partnership with LYTA Ventures to help support startups involved with cellular agriculture technologies according to a release. CULT will receive a management fee and equity ownership in startups launched by their venture studio.
Getting new companies into cellular agriculture can be difficult. The venture studio model is ideal to continue developing new technologies. Companies launched through the venture studio model reach Series A capital twice as fast and are one and a half times more successful than startups that are nonventure studio. A lot of early stage funding is used in production, research, talent and commercialization for new cellular agriculture startups. The venture studio and the collaborators will help support these startups during their early stages by helping to give them access to resources. This will allow the startups to have access to an established network.
It is projected that cellular agriculture will be a $90 billion market by the year 2023. The technologies involved could be the solution to feeding the growing population using less land and resources than traditional agriculture.
“Cellular agriculture is one of the few high potential options we have to address the impact of food production on climate change, as well as enabling new ways to grow and experience food that has never been possible before,” said Lejjy Gafour, CEO of CULT. “We are at the forefront of the next future of food, and partnering with LYTA Ventures will allow CULT Food Science to access and enable the highest value startups and biotechnologies on the planet. The future will not wait for us, we have to build towards an impactful bioeconomy with intention and focus.”
“Culturing food is a vital piece of our zero carbon future,” said Clair Purcell, CEO and founder of LYTA Ventures. “We don’t have time to wait for the serendipitous alignment of scientific discovery, commercialization talent, and operational efficiency that is the typical nucleus of biotechnology companies. The venture studio model intentionally brings together these elements to surface white space and build experienced teams around it to scale quickly. We are thrilled to partner with CULT to bring this model to the cellular agriculture space, where there are so many untapped opportunities.”
Related Articles:
The Many Definitions of Sustainability
