NZ synthetic biology company Opo Bio has announced its latest funding round, which is being led by WNT Ventures.
The VC firm said on LinkedIn that the raise has strong backing from existing shareholders such as The Inventors Fund from UniServices, Booster NZ, as well as new investors.
New Zealand’s first company to develop non-GM cell lines for the cultivated meat industry, Opo Bio was founded in July 2022 by Dr. Olivia Ogilvie (CEO), Dr. Laura Domigan (CSO), and Dr. Vaughan Feisst (CTO) to develop primary cells and cell lines, starting with bovine and porcine products.
After raising an initial 1.5 million, the company successfully launched its ‘Opo-Moo’ range of research products, which includes primary bovine satellite cells, pre-adipocytes, and fibroblasts from both Angus and Wagyu breeds. The start-up more recently launched Opo-Oink, a porcine cell range for cultivated pork production.
“Over the past two years, we’ve grown from our first employee to a team of eight, launched and sold cell products globally, and partnered with cultivated meat companies and research teams across the world,” Opo Bio’s founder said in a statement. “This was enabled by the support of our Seed investors, but it’s only the beginning of our story.
“We are thrilled to welcome WNT to our investor base and drive Opo’s growth into its next phase, where we will diversify our technology and expand our commercial offerings into new B2B ingredient categories, including cell-based collagen.
“WNT is a valuable addition to our existing group of investors, bringing extensive networks, hands-on experience in building deep-tech companies, and expertise in the B2B high-value ingredient sector.”
WNT cited a wide array of factors in deciding to invest in Opo Bio, including the company’s clear vision for growth, potential to reduce the negative environmental impact of the meat industry, and the VC’s faith in the strength of the start-up’s leadership team.
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