Australian cultivated meat company Magic Valley has received a $100,000 grant from the federal government’s Industry Growth Program (IGP). The funding, part of a broader $400 million initiative, is intended to help startups expand into fully operational enterprises.
Magic Valley is known for its animal component-free cultivated meat, produced using induced pluripotent stem cells (iPSCs). This technology enables continuous cell growth without the use of fetal bovine serum, something that has been a key challenge in cultivated meat production.
“We’re not just making meat – we’re creating the future of food”
The company gained attention in 2022 when it became the first to produce cultivated lamb using iPSCs. In the following years, it introduced cultivated pork mince and hosted a tasting event featuring cultivated pork bao buns in Brunswick, Melbourne.
The funding will support scaling production, optimizing bioprocessing, and reducing costs, all critical steps toward commercial viability. The Hon. Ed Husic, Minister for Industry and Science, noted the government’s commitment to supporting emerging industries, stating, “We’re backing these businesses to make the jump from start-up to fully-fledged enterprise, creating new jobs and new industries in the process.”
Billion-dollar potential
The cultivated meat industry is projected to reach $945 billion AUD by 2040, according to a report by AT Kearney. Proponents argue that cultivated meat significantly reduces land use, water consumption, and greenhouse gas emissions compared to conventional livestock farming.
The IGP grant aligns with the Australian Government’s National Reconstruction Fund priorities, which include agricultural innovation and low-emissions technology. As interest in sustainable protein sources grows, investments like this may help position Australia as a leader in alternative protein production.
Magic Valley CEO Paul Bevan welcomed the investment, saying, “This funding turbocharges our ability to scale. We’re not just making meat – we’re creating the future of food. And this support from the Australian Government signals that they believe in that future too.”
