Magic Valley secures AU$100,000 government grant to scale cultivated meat production

Melbourne-based cultivated meat producer Magic Valley has received a AU$100,000 grant from the Australian Government’s AU$400 million Industry Growth Program (IGP), reinforcing its position as a leader in sustainable meat production. The funding will accelerate the company’s mission to scale its cultivated meat technology, a move CEO Paul Bevan describes as a “turbocharge” for growth.

“This funding will fast-track Magic Valley’s mission to revolutionize global meat production by scaling its sustainable, cultivated meat technology,” the company announced on LinkedIn.

Magic Valley specializes in developing cultivated pork and lamb using induced pluripotent stem cells (iPSCs), eliminating the need for fetal bovine serum and allowing for continuous cell growth. With the cultivated meat industry projected to reach AU$945 billion by 2040, this grant is seen as more than just financial support—it’s a strategic step toward securing Australia’s role in a fast-growing global sector.

Minister for Industry and Science Ed Husic emphasized the government’s commitment to fostering high-growth industries, stating, “We’re backing these businesses to make the jump from start-up to fully-fledged enterprise, creating new jobs and new industries in the process.”

Magic Valley’s cultivated meat technology is designed to address the environmental and ethical challenges of traditional livestock farming. The company estimates its process reduces emissions by 92%, land use by 95%, and water use by 78% compared to conventional meat production.

“This funding turbocharges our ability to scale,” Bevan added. “We’re not just making meat—we’re creating the future of food. And this support from the Australian Government signals that they believe in that future too.”

As cultivated meat gains traction worldwide, Magic Valley is positioning itself at the forefront of the industry, ensuring that Australia plays a significant role in shaping the future of food.