Nongshim, the South Korean food and drink giant, has announced a significant investment in the food industry, focusing on innovative startups producing and developing cultivated meat. The company is prioritizing this particular area because it considers cultured meat the closest alternative to its conventional counterpart. The $7.4 million investment will be evenly split between two startup funds in Seoul, managed by Stonebridge Ventures and IMM Investment.
"The decision to invest in startups was made following internal reviews. However, the company is investing through specialized investment funds to conduct more in-depth evaluations and explore this field more thoroughly." - a spokesperson for Nongshim.
The cultivated meat industry is growing in South Korea and is actively supported by the government. Earlier this year, 28 Korean industry stakeholders signed a Memo of Understanding to cooperatively develop and accelerate the cultivated meat industry in the country. Moreover, the Korean Ministry of Food and Drug Safety included official guidance for alternative proteins in its National Plan last year, covering safety, production, and regulatory approval for lab-grown meat.
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