Genuine Taste secures CA$100,000 investment for cultivated beef fat technology

Genuine Taste, a startup producing cultivated beef fat, has received a CA$100,000 investment following its success in the 2024 Invest Together in Climate Innovation program. Co-founded by Emily Farrar, a PhD student in Civil & Mineral Engineering at the University of Toronto, the company’s approach to creating real beef flavor without traditional animal farming has garnered significant recognition and support.

Genuine Taste not only won the Top Venture Award but also secured the People’s Choice Award in the competition, which was organized by Spring, a Vancouver-based incubator and accelerator focused on driving climate innovation. The 14-week program saw 75 climate-focused startups apply, with only 16 making the cut. Genuine Taste emerged as the standout, impressing both investors and the public with its vision for reducing the environmental impact of the meat industry.

“During the program, we worked closely with a team of angel investors through a rigorous due diligence process,” said Farrar. “Special thanks to the investor team, who asked many great questions and helped clarify our vision. I can’t wait to continue on our journey to create delicious, ethical, and sustainable food alternatives for consumers.”

Genuine Taste’s technology focuses on cultivating beef fat in bioreactors, providing the authentic flavor of beef without the need for livestock farming. By eliminating the need for animal slaughter, the startup aims to address two major environmental concerns: reducing greenhouse gas emissions (GHGs) and minimizing the use of agricultural land. This approach aligns with growing efforts to make food production more sustainable and less resource-intensive.

The environmental footprint of conventional beef production is significant. According to recent studies, the beef industry accounts for nearly 15% of global GHG emissions, with vast tracts of land used for cattle farming and feed production. Genuine Taste’s cultivated fat offers a pathway to mitigate these impacts while maintaining the sensory qualities that consumers expect from traditional meat products.

The Invest Together in Climate Innovation program was a rigorous process. After being selected as one of 16 ventures, Genuine Taste presented a one-page company overview and pitched its idea to a cohort of investors. The pitch earned the company a place in the top five, leading to an intensive due diligence phase with a team of angel investors.

“Once accepted, we created a concise overview of our company and pitched to the cohort of investors, who voted on the top five,” explained Farrar. “We were selected for the top five, at which point each company underwent due diligence with an assigned team of angel investors. At the end of the program, the full cohort chose one company to receive the CA$100,000 investment. We also had a public pitch, where the audience voted for People’s Choice, which we also won.”

Genuine Taste’s dual victory underscores not only the viability of its technology but also the enthusiasm from both investors and the general public for solutions that balance taste, ethics, and sustainability.

Farrar’s academic work under the supervision of Professors Marianne Hatzopoulou and Shoshanna Saxe at the University of Toronto’s Department of Civil & Mineral Engineering complements Genuine Taste’s mission. Her research in sustainable infrastructure and environmental impact assessment likely informs the startup’s approach to measuring and mitigating the carbon footprint of its production process.

Looking ahead, Genuine Taste plans to leverage the investment to further develop and scale its technology. The company’s goal is to integrate its cultivated beef fat into a range of food products, offering consumers an alternative that doesn’t compromise on flavor or ethics.