- CULT (CULT) portfolio company De Novo Dairy has secured funding from UM6P Ventures
- De Novo is Africa’s first precision fermentation company within the alternative protein space
- The funding is expected to accelerate the release of De Novo’s first cultivated dairy product into the African market in 2023, as well as contribute to its U.S. expansion efforts
- CULT Food Science is an investment platform focused on cellular agriculture
- CULT Food Science (CULT) is unchanged, trading at $0.04 per share
CULT (CULT) portfolio company De Novo Dairy has secured funding from UM6P Ventures.
De Novo, based in South Africa, is Africa’s first precision fermentation company in the alternative protein space. It intends to release ice cream, yogurt and cheese products beginning in 2023.
UM6P is an early-stage venture firm focused on science and technology startups in Africa from seed to Series A.
The funding is expected to accelerate the release of De Novo’s first cultivated dairy product into the African market in 2023. It may also support the company’s future U.S. expansion.
CULT first announced its investment in De Novo in February of 2022.
“De Novo is growing steadily, and the funding is a key building block in its evolution. We are delighted to see other funders believe in De Novo and cellular agriculture just like we do,” stated Lejjy Gafour, CULT’s CEO.
CULT Food Science is an investment platform focused on cellular agriculture.
CULT Food Science (CULT) is unchanged, trading at $0.04 per share as of 1:26 pm EST.