Danish biotech company Chromologics has closed an extended seed funding round in which it raised a total of €12.6 million.
The specialist producer of innovative natural food colours welcomed two new investors in the extended seed round, Doehler Ventures and Thia Ventures, in which it raised an additional €7.1 million, taking the total raised to €12.6 million. This additional funding will be used to accelerate commercialisation of Chromologics’ first product, Natu.Red, a pH- and temperature-stable, tasteless, water-soluble and vegan natural red food colour.
According to the company, “during the coming funding period Chromologics will further advance regulatory approval, establish a commercial production line, expand the portfolio towards additional colours, and progress on commercial execution”.
Chromologics uses a proprietary fermentation production method that is environmentally-friendly and ensures a competitive cost and sustainable supply to food and beverage manufacturers.
Gerit Tolborg, CEO of Chromologics, said: “We are thrilled to be able to accelerate our commercial development and welcome two new, strong investors, Doehler Ventures and Thia Venture. In particular, Doehler’s formal investment marks a new phase in our collaboration. We look forward to benefiting from their expertise as we begin developing commercial-scale production.”
Rodrigo Hortega, head of investments at Doehler Ventures, the investment arm of global natural ingredients supplier, Doehler Group, said: “We look forward to supporting Chromologics as they develop and bring to market a range of natural food colours using their precision fermentation platform. We see a competitive advantage in this type of sustainable natural ingredient. The timing is right, and we are prepared to offer the full network and know-how of the Doehler Group.”
© FoodBev Media Ltd 2023
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