Chromologics, a spin-out from the Technical University of Denmark, has raised €1.9 million in a seed financing round led by Novo Seeds.
The company has developed a fermentation-based technique for the production of its ChromoColors food colourants.
The funds will enable Chromologics to accelerate the development and regulatory approval of its flagship ingredient, ChromoRed.
According to Chromologics, ChromoRed has the potential to be the first natural colourant that is exclusively produced by sustainable fermentation processes, instead of being extracted from plants or animals.
Chromologics’ wider portfolio of colourants is said to be produced in a ‘sustainable, scalable and cost-competitive process’, rather than being extracted from ‘high value raw materials’ like fruit and vegetables.
As well as Novo Seeds, Nordic FoodTech VC and Vækstfonden also participated in the round.
Gerit Tolborg, CEO of Chromologics, said: “We are very pleased to welcome these strong and experienced investors to Chromologics. Their support provides validation for our strategy to develop better and more sustainable food colourants.
“They recognise the extraordinary economic opportunity in introducing lab-grown food colourants to the market at a time where alternative meats and food safety is a high consumer demand. This investment will allow us to accelerate the development of our flagship product ChromoRed and maximise the potential of our platform as we develop food colourants that meet the needs of industry and consumers.”
Lauri Reuter, founding partner at Nordic FoodTech VC, and Thomas Grotkjær, principal at Novo Seeds, have joined the Chromologics board.
“Our mission at Novo Seeds is to identify disruptive technologies, enable entrepreneurs to build companies and bring them to real inflection points,” said Grotkjær.
“Chromologics has an excellent team which has developed a truly innovative platform with the potential to transform how natural colourants are developed. There is enormous demand from industry and consumers for these high quality and sustainable products and we have already had significant commercial interest from partners.”
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