European food technology company Mosa Meat—which introduced the world’s first cultured beef hamburger in 2013—recently raised $55 million as part of a Series B funding round. The company plans to use the funds to extend its current pilot production facility in The Netherlands to develop an industrial-sized production line, expand its team, and launch its slaughter-free beef products (grown from a small amount of cells in a lab setting) once it obtains regulatory approval to serve consumers in Europe. The funding round is led by Luxembourg-based Blue Horizon Ventures, a food technology fund that aims to support and promote a positive global impact on the environment, human health, and animal welfare. Dr. Regina Hecker is joining the board to focus on science, scaling, and regulatory approval, along with Bell Food Group, M Ventures, and other mission-based investors and advisors.

“We are very excited to welcome our new partners and see existing partners continue our journey together,” said Mosa Meat CEO Maarten Bosch. “With their support and capabilities, we have the opportunity to take the next concrete steps to scale production, make progress towards a cleaner, kinder way of making real beef, and ultimately increase the resilience, sustainability, and safety of our global food system.”

Mosa Meat, which now has a team of 50 scientists, engineers, and food-lovers, has reached critical technical milestones in 2019 and 2020, including an 88-percent reduction in growth medium cost, and removal of Fetal Bovine Serum from its production process.