Vow has raised $49.2 million in a Series A funding round that it says marks a record for the cultured meat industry.

Vow – which claims to be Australia’s first cell-based meat company – plans to use the funding for product development, manufacturing expansion and hiring across new divisions.

CEO and co-founder of the company, George Peppou, said: “By inventing new meats that are tastier, more nutritious and serve functions traditional meats can’t, we can have an enormous impact. We’re thrilled to be toe to toe with the best companies in this space, moving at speed to reach huge milestones with a fraction of the capital of other companies.”

Vow is introducing its first product brand, Morsel, to the Singapore market this year and expanding its manufacturing capabilities with the construction of its Factory 2.

The Series A round was co-led by Blackbird and Prosperity7 Ventures, the diversified growth fund of Aramco Ventures, and was joined by a large pool of additional investors.

Aysar Tayeb, executive managing director for Prosperity7 Ventures, commented: “Every choice Vow has made in its approach is thoughtfully aimed to accelerate acceptance and commercialisation of cell-cultured protein, including the deep application of technology and expanding the box to include thousands of cell lines to optimise taste, nutrition, and accelerate cell growth and cost down. We are thrilled to be a part of Vow’s pioneering journey to transform how food is made.”