Bio-design company Geltor has raised $91.3 million in Series B financing to meet growing demand for its plant-based collagen proteins.
The California-based firm says it will use the capital to fuel the expansion of its ingredients-as-a-service platform which enables global CPG companies develop tailored bioactive ingredients for their specific product needs.
Established in 2015, Geltor’s animal-free ingredients are used by clients across the nutraceutical and food and beverage industries, in addition to cosmetics and personal care.
The round was led by UK-based CPT Capital, along with significant commitment from WTT Investment from Taiwan.
Geltor’s latest investment comes after it secured $18.2 million in a Series A funding round in 2018, led by Cultivian Sandbox Ventures, ADM Ventures and Gelita. All three companies returned to invest in this latest round.
New investors include Blue Horizon Ventures, RIT Capital Partners, Humboldt Fund, and Pegasus Tech Ventures.
“We see huge market potential for Geltor’s protein platform across categories from cosmetics to food. We are excited by the speed and skill with which they are building out their capabilities,” said Costa Yiannoulis, CPT Capital Investment director and Geltor board director.
He added: “Even more so, in light of the havoc wreaked by Covid-19 on protein supply chains globally, we believe Geltor is laying the foundations for the sustainable, resilient, protein supply chain of the future.”
According to Geltor, since the sales of its first animal-free collagens HumaColl21 and Collume soared, the company has been able to scale up its fermentation-based technology platform by 100 times. The company says its success reflects increasing preference for ethical products and awareness around climate change.
Geltor CEO and co-founder Alex Lorestani said: “Our goal is to make it ridiculously easy for iconic brands to build sustainable products. This next stage of growth will allow Geltor to meet the moment our world is facing, as businesses recognise the urgent need to transition to a sustainable protein supply chain.”
© FoodBev Media Ltd 2020