Phytolon co-founders Dr. Halim Jubran and Dr. Tal Zeltzer
Phytolon has raised $4.1 million in funding to commercialise its fermentation-based technology for the production of food colours.
The Israel-based company was founded in 2018 following a collaboration between The Trendlines Group and the Weizmann Institute of Science.
Phytolon claims that the use of natural food colours – in growing demand – has presented a ‘huge challenge’ for the food industry, due to the lack of reliable alternatives to synthetics.
The company uses a proprietary, fermentation-based technology to produce ‘high-quality’ plant-based food colours.
“This round will enable us to reach the market with our healthy and sustainable food colours that offer a high-quality and cost-efficient solution to the food industry,” said Phytolon CEO, Dr. Halim Jubran.
“The new round will also promote our collaborations with our potential clients, with whom we have been in communications during the past year and a half.”
Among the participants in the round were European food innovation initiative, EIT Food, and Millennium Food-Tech, a new R&D partnership dedicated to investing in food-tech companies.
Chanan Schneider, CEO of Millennium Food-Tech, said: “It is clear to us that consumers are looking for products with more natural and healthier ingredients and are even willing to pay a premium for them. Phytolon brings a patented solution, perfect for the food colour sector, and has garnered a lot of interest in its technology and products.”
Consensus Business Group, The Trendlines Group, former Elbit Systems CEO Yossi Ackerman, and the Israel Innovation Authority also backed Phytolon’s latest financing push.
“We are extremely pleased that the company, managed by Dr. Halim Jubran, secured this over-subscribed round in the mist of the Covid-19 pandemic,” said Trendlines Incubators Israel CEO, Barak Singer.
“We look forward to the commercialisation of its technology to provide healthier, more ecological and cost-effective colouring to the food technology market.”
© FoodBev Media Ltd 2020