Blackbird-backed startup Vow has cut jobs and gotten a new CEO as it looks to use its cell-culture technology to expand beyond the development of lab-grown meats.
Vow chief of staff Alex Andrews has been named CEO of the lab-grown meat startup following a reshuffle that’s seen founder and former chief executive George Peppou move into a role of executive director.
Peppou stepped down as CEO earlier this year after deciding to spin a new startup out of Vow that builds on the technology developed at the company since 2019.
“Last year Vow had a massive breakthrough on production scale and economics – now by far world-leading in low-cost cell culture,” Peppou said in a statement to Forbes Australia. “As a result of this we have lots of new opportunities outside of food. I and a small team have spun out to a new company focused on one of these.”
“Alex and I worked brilliantly together when she was my Chief of Staff and I have asked her to step into the CEO role to grow multiple new verticals.”
Founded in 2019, Vow has until now spent its life focusing on lab-grown (or cell-cultured) meat. The process involves extracting cells from animals, growing them using vitamins, sugars and more, and then fermenting them in advanced bioreactors. The company raised a US$49.2 million Series A in 2022, led by Blackbird with participation from SquarePeg, HostPlus, NGS Super and Toyota Ventures.
Vow has not said what new markets it will target, but the cell-culturing technology that underpins its lab-grown meat could also be used in areas like biomedicine and pharmaceuticals, as well as the sustainable manufacturing of cosmetics and materials like leather.
Vow last month cut several staff members, mostly from its food development team, as part of its pivot to reach beyond lab-grown meat. The company will continue to sell food products, but Peppou said it earlier this year shifted from making food in-house to working with other companies to turn its cultured cells into finished food products.
“A small number of roles were impacted to align the company around the multi-vertical focus,” Peppou said.
It comes after 25 staff were cut during a cost-cutting round last year as the startup awaited regulatory approval to sell its cutting-edge wares.
Prior to joining Vow, Andrews in 2018 co-founded ethical, woman-led superannuation fund Verve Super. She acted as COO until mid 2024, leaving the fund after it was acquired by Future Group. Verve managed $271 million at the time of the acquisition.
Vow’s strategy has been to become the Tesla of lab-grown meats, aiming to make lab-grown meat a sexy choice rather than just the sensible one. Rather than trying to replace the chicken mince or chuck steaks that may comprise a budget dinner, Vow has worked to create meats that wow in fine dining restaurants – Hokkaido wagyu, cultured quail foie gras and the like.
It started selling its futuristic foods in 2024 in Singapore, which approved lab-grown meat products in 2020. The company finally got clearance from Australia’s food safety regulator last year after a two-year review.
Vow was the third company in the world to receive clearance to sell lab-grown meat, alongside US unicorns Eat Just and Upside Foods. In 2024, when Vow was profiled by Forbes Australia, it was the only company actually selling cultivated meat anywhere in the world.
The regulatory path forward in the US, the market Australian startups are typically most eager to sell in, is more patchy. Though the US Food and Drug Administration and Department of Agriculture approved cultured chicken in 2023, states including Texas, Florida and Indiana have banned the sale of any lab-grown meats.
Want to see more Forbes articles on your feed? Tap here to make Forbes Australia a preferred source on Google.
Look back on the week that was with hand-picked articles from Australia and around the world. Sign up to the Forbes Australia newsletter here or become a member here.
