Advances CULT’s Mission of Building a Focused Portfolio of Global, Innovative, and Early-Stage Cultivated Meat and Cultured Dairy Companies
VANCOUVER, BC, Aug. 30, 2021 /CNW/ – CULT FOOD SCIENCE CORP. (the “Company” or “CULT”), a Canadian-based investment platform with an exclusive focus on investing in cultivated, lab-grown, meat and dairy assets, is pleased to announce that it has completed a strategic investment in Biftek Inc. (“Biftek”). Biftek plans to use the CULT’s injection of growth capital to produce and distribute formula samples to global cultured meat producers, to apply for additional patents, and to advance their intellectual property portfolio.
Founded in 2018 and headquartered in Ankara, Turkey, Biftek produces an animal-free, non-GMO, natural growth medium supplement to make cultured meat more affordable. A business-to-business company, Biftek utilizes a novel culture medium supplement formula to grow muscle stem cells. Currently, growing stem cells requires conventional fetal-bovine-serum (“FBS”), which makes up 80-90% of production costs. Biftek’s formulation is expected to dramatically decrease the expenses related to creating cellular agriculture products, thereby enabling food technology companies to reduce production costs, reach economies of scale, and bring cultivated meats to the mainstream population.
The strategic investment in Biftek advances CULT’s mission of building a focused portfolio of the most innovative, early-stage, cultivated meat and cultured dairy companies and assets around the world. However, the cultivated meat and dairy industry is in its infancy and is highly fragmented, currently with only one publicly-traded company available to investors in the world. Therefore, CULT is focused on creating an opportunity in the near future for individuals to invest in the future of food by offering access to a promising group of exciting and disruptive private companies in these sectors.
“At CULT, we unequivocally believe that the future of food will be science-based. To realize this future, we recognize and agree that the input and production costs of cultivated meat must drop significantly to support commercial viability and mainstream adoption. Our investment in Biftek, a company at the forefront of improving the scalability of cultivated meat, advances our vision of a cleaner, more ethical, and more secure food supply chain,” said Dorian Banks, CEO of CULT.
Biftek is focused on producing microorganism based, natural and cost-effective growth medium supplement to grow muscle stem cells. Instead of conventional fetal-bovine-serum (FBS) dependent production, which represents nearly 90% of costs, Biftek’s patent pending formulation decreases related expenses dramatically, introducing a much better and more efficient way to cultivate affordable meat.
About CULT Food Science
CULT Food Science Corp. (formerly Triangle Industries Ltd.) is an innovative investment platform advancing the future of food with an exclusive focus on cultivated meat and cultured dairy. The first-of-its-kind in North America, CULT Food Science aims to provide individual investors with unprecedented exposure to the most innovative start-up, private or early stage cultivated meat and cultured dairy companies around the world.