Report published on cultivated meat investment landscape in 2025: A slow recovery or a true resurgence?

A report by Christian Busse, a corporate affairs specialist in cell-based agriculture, Report of the Cultivated Meat Investment Landscape in the Mid-Twenties, has examined the current investment landscape for cultivated meat, comparing 2025’s funding trends with those of 2024, identifying key investors, assessing regional activity, and exploring the challenges and opportunities for the sector. After a funding surge in 2021 and 2022, the cultivated meat sector experienced a sharp downturn in 2023, with total investment dropping by nearly 80% from previous highs. While 2024 showed signs of stabilization, 2025 is shaping up to be a pivotal year. Has the market truly rebounded, or is the sector still struggling to regain investor confidence?

The cultivated meat sector peaked in 2021, with investments reaching nearly US$1 billion. By 2023, however, funding had plummeted to under US$200 million, reflecting broader economic uncertainty, regulatory challenges, and a cooling of venture capital interest.

Investment in 2024 remained subdued, but early indicators suggest it may have halted the sector’s downward trajectory. Total cultivated meat funding was estimated between US$177 million and US$226 million, slightly above 2023’s levels but still far below the highs of previous years. The largest deal in 2024 was Mosa Meat’s €40 million (~US$42 million) funding round – the biggest single cultivated meat investment since 2022. Most other funding rounds ranged from US$10 million to US$40 million, reflecting smaller but continued investor confidence.

So far, 2025 is showing cautious optimism, according to Busse. Several cultivated meat companies have announced new fundraising efforts, though few large-scale rounds have closed. One example is Australia’s Vow, which was finalizing a new round as of early 2025 while simultaneously cutting 30% of staff to extend its cash runway amid regulatory delays. Meanwhile, alternative financing strategies such as crowdfunding have gained traction. Mosa Meat, for instance, quickly raised over €1.5 million from small investors in early 2025, reaching its target within minutes – an encouraging sign of public enthusiasm for cultivated meat.

While overall investor sentiment appears to be improving, raising capital remains challenging. Many investors feel the market may have 'bottomed out' in 2023 and 2024, with some reports suggesting that 2024's slight uptick 'hints at better days to come'. However, any full-fledged recovery remains uncertain, and 2025's total investment volume is difficult to predict.

Despite recent downturns, cultivated meat continues to attract a mix of specialized investors, mainstream venture capital firms, sovereign wealth funds, and corporate strategic investors.

Some investors remain committed to cultivated meat as a long-term solution for climate and food security challenges. Funds such as Lowercarbon Capital, Breakthrough Energy Ventures, SOSV/IndieBio, and Unovis have been key players in the sector. The number of unique investors in the space dropped sharply in 2023 – from 204 in 2022 to just 111 in 2023 – reflecting a broader pullback in venture capital funding. However, those with a strong conviction in the technology’s long-term potential have largely stayed engaged.

Sovereign wealth funds from Singapore and the Middle East have also played a crucial role in funding cultivated meat ventures. Singapore’s Temasek Holdings has backed key players such as Upside Foods and Eat Just’s GOOD Meat division, while funds from the UAE, Qatar, and Saudi Arabia have invested in startups and commercial production hubs in the Gulf region.

Major food industry players have taken an active interest in cultivated meat, both as investors and strategic partners. Tyson Foods has invested in Upside Foods and Future Meat (now Believer Meats), while JBS, the world’s largest meat processor, committed US$100 million in 2021 to acquire Spain’s BioTech Foods and build a cultivated meat R&D center. Cargill has backed multiple startups, and Nestlé has partnered with Future Meat on cultivated meat research. These strategic investors provide not only funding but also expertise in scaling and distribution. However, some have shifted their focus toward partnerships and research rather than making direct equity investments.

Publicly traded cultivated meat companies have struggled to gain traction. Steakholder Foods, the only pure-play cultivated meat company listed on the Nasdaq, has faced stock price declines and the risk of delisting. Similarly, CULT Food Science, a Canada-based investment vehicle for cellular agriculture, has traded at penny-stock levels.

In contrast, larger companies with cultivated meat interests – such as Tyson Foods, JBS, and Nestlé – have provided investors with a safer, diversified way to gain exposure to the sector. UK-listed Agronomics, which has a venture portfolio of cultivated meat startups, has reported an internal rate of return of over 20% but remains volatile.

For now, most public market investors remain skeptical, with many waiting for tangible revenue growth, cost reductions, and broader consumer acceptance before increasing their exposure to cultivated meat stocks.

Investment patterns vary widely across regions. North America has historically been the largest funding hub, with companies such as Upside Foods, Eat Just, and Believer Meats securing major investments. The first restaurant sales of cultivated meat in 2023 and 2024 provided a boost in visibility, and federal funding for research is expected to help the sector in the coming years.

Europe has seen mixed results. The Netherlands and Israel remain innovation hubs, with Mosa Meat securing one of the largest European funding rounds in 2024. However, regulatory uncertainty has dampened investor enthusiasm, as no European Union country has yet approved cultivated meat for sale.

Asia-Pacific is emerging as a key region, led by Singapore, China, and Japan. Singapore was the first country to approve cultivated meat, and the government has provided extensive support through Temasek and other state investors. China is increasing public investment in alternative proteins, while Japan is fostering partnerships between startups and major food corporations.

The Middle East is also becoming a growing market for cultivated meat investment, with countries such as the UAE and Qatar supporting startups through sovereign wealth funds.

Several key challenges continue to impact the investment landscape. High production costs remain a significant hurdle, as cultivated meat is still far more expensive to produce than conventional meat. Regulatory hurdles also pose a challenge, as approvals have been slow, particularly in the European Union. Investor fatigue has set in for some, as early expectations of rapid commercialization have not yet been met.

Despite these obstacles, there are also significant opportunities. Advancements in cell culture media, bioreactors, and scaffolding technology could drive down production costs. Regulatory approvals in more countries could unlock new markets and increase investor confidence. Consumer interest in sustainable proteins remains high, suggesting potential for strong demand once products reach affordability and scale.

While cultivated meat investment in 2025 appears to be recovering from its low point in 2023, it is premature to call it a full resurgence. Funding volumes remain well below 2021 levels, and many companies are still struggling to secure capital. Investor sentiment is improving, key players are staying in the market, and technological advancements continue to move forward. If the industry can achieve cost reductions, expand regulatory approvals, and demonstrate consumer demand, a more robust recovery may take shape in the coming years.

For now, the cultivated meat sector remains a long-term investment opportunity – one that many investors still believe in but are approaching with greater caution.