Manufacturer of upcycled ingredients Comet Bio has completed its Series C equity financing round with a close of $22 million.
The round was led by Open Prairie equity fund management firm and featured other investors including Louis Dreyfus Company (LDC), BDC Capital, and existing investor Sofinnova Partners.
Comet Bio, which created ingredients from upcycled crop leftovers, will use the funds to meet the growing market demand for its ingredients.
“Thanks to the support of our exceptional investors, we will now be able to invest in a dedicated manufacturing facility to grow the supply of our upcycled ingredients,” said Rich Troyer, CEO of Comet Bio. “We will also be investing in innovation including our product pipeline and health claims development.”
With headquarters in Ontario and Illinois, Comet Bio uses its patented upcycling technology to produce a wide range of healthy and sustainable ingredients. For example: “Its Arrabina Arabinoxylan plant fibre extract is a premium prebiotic dietary fibre with superior tolerability and functionality,” a company statement explained.
“Open Prairie is excited to leverage its team expertise and network to advance commercialisation of Comet Bio’s ingredient technology platform and to facilitate diversification of US-focused distribution channels that benefit the Open Prairie Rural Opportunities Fund’s investment objective of catalysing growth for agriculture and rural America,” added Tom Doxsie, a partner in the firm.
© FoodBev Media Ltd 2021
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