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Meatly raising Series A for cultivated meat pet food

Illustration of a bowl of pet food with a knife and fork on either side

Illustration: Sarah Grillo/Axios

Meatly, a U.K.-based maker of cultivated meat pet food, is closing in on a Series A under $10 million, CEO Owen Ensor tells Axios exclusively.

Why it matters: About 20% of the world's meat is consumed by pets.

Zoom in: Meatly has made advances in scaling cultivated chicken production at a fraction of the cost of other entrants, Ensor says.

  • It is on the verge of releasing a product, having raised a £3.6 million seed last May.
  • The company developed a protein-free culture medium that costs £1 per liter, a fraction of the several hundred pounds it previously cost, Ensor says.
  • Meatly also doesn't have to invest as much money in the food's appearance, such as marbleizing a cut of meat, since it is for pets and not humans.

Catch up quick: In March, Meatly teamed with Omni to create Omni Feast, a can of cultivated chicken, which will be sold by the U.K.'s largest pet retailer Pets at Home once it gets regulatory approval.

The big picture: While dogs can technically eat a plant-based diet, cats are carnivores and can become ill if they don't eat meat.

State of play: Meatly is one of a handful of companies offering a cultivated meat alternative in the pet food space.

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