Biomass fermentation · San Francisco, USA

CellX

Morel mushroom mycelium; licenses its cultivated-meat process · getmourish.com ↗

Started in Shanghai in cultivated meat, then moved to San Francisco in 2025 and pivoted to morel mushroom mycelium, sold as Mourish jerky. It now licenses its cultivated-meat technology to other companies.

Stage

Early commercial (step 5 of 6)

Launched Mourish morel-mycelium jerky in the US in Apr 2025, sold online and wholesale, on self-affirmed GRAS. It no longer plans to sell its own cultivated meat; it licenses cell lines, media and processes, and still runs a pilot plant in China.^{[1] [2]}

Revenue

Early revenue

Mourish has been on sale in the US since 2025; figures are not disclosed. Agronomics' Q1 and Q2 2026 investor reports list CellX as not revenue-generating, but we count Mourish's sales as first sales.^{[1] [3] [4]}

Next Wider US retail for Mourish; B2B sales of its mycelium ingredient.

Agronomics' holding

Fair value: £1.91m 30 Jun 2026
Portfolio weight: 1% 30 Jun 2026
Stake: 5.1% 30 Jun 2026
Invested: £1.64m since Dec 2020
Multiple: 1.16× +£0.27m
Per year: +3.7% all holdings
Last round: Series A+ 20 Jun 2023 · 3.3 years ago

Sources^[4]

Investments

What Agronomics put in, at the sterling cost it carries
Date	Cost	Round
9 Dec 2020	£40k	US$50k SAFE^{[5] [6]}
6 May 2022	£1.60m	US$2m preferred shares^{[7] [6]}

Approvals & markets

No approvals reported.

HQ: United States
Selling in: United States^[1]

Timeline

3 Apr 2025Commercial

Pivots to mycelium; launches Mourish in the US^{[1] [2]}

Moved its headquarters from Shanghai to San Francisco and launched a morel-mycelium jerky on self-affirmed GRAS. Its cultivated-meat work moved to a licensing model.
10 Aug 2023Facility

Pilot factory 'Future Food Factory X' completed^[8]

It houses several 1,000-litre bioreactors. CellX planned regulatory filings in Singapore and the US.

Sources

Exclusive: CellX Debuts World's First Morel Mycelium Jerky with New US Brand Mourish Green Queen · 3 Apr 2025
Food-tech startup CellX uproots to US, self-affirms GRAS status and launches mushroom jerky brand Mourish FoodNavigator-USA · 3 Apr 2025
Q1 2026 Investor Report Agronomics Limited · 20 May 2026
Q2 2026 Investor Report (portfolio at 30 June 2026) Agronomics Limited · 21 Aug 2026
Investment in CellX Agronomics Limited (RNS) · 9 Dec 2020
Annual Report 2022: year to 30 June 2022 Agronomics Limited · 20 Dec 2022
Agronomics Follow-on Investment in CellX Agronomics Limited (RNS) · 6 May 2022
Shanghai Cellular Agriculture Company Opens China's First Cultivated Meat Pilot Factory Green Queen · 10 Aug 2023