Elo Life Systems has secured $24.5 million in a Series A financing round led by AccelR8, Novo Holdings and DCVC Bio.
The funding will enable Elo to accelerate the development of its plant-based sweeteners, which are inspired by monk fruit, but which it expects will be more affordable and reliably available than current monk fruit sweeteners.
Elo’s sweetener is derived from watermelon, and the company has also developed a fungal-resistant cavendish banana that aims to save the popular variety from extinction.
Todd Rands, CEO of Elo, said: “With strong investor support united behind Elo’s commitment to improve human health and the environment, we’re unlocking nature’s abilities to make consumers’ favourite foods more delicious, healthy and planet friendly”.
Elo’s sweetener is intended for use in F&B products and is said to be 300 times sweeter than sugar without the calories or undesirable aftertaste associated with other sweeteners. The company manufactures its products using existing agricultural systems and eliminates waste by ensuring all harvested material is used.
Rands continued: “Elo’s first product – a new plant-based sweetener inspired by natural monk fruit – will eliminate excess calories in thousands of everyday food and beverage products that consumers love”.
The company plans to open a Series B financing round later this year to “further scale and commercialise its sweetener products, and expand its R&D pipeline with additional healthy and sustainable ingredients”.
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