A UK-based foodtech Clean Food Group in its effort to accelerate the commercialization of sustainable oils and fats technology has announced an additional €2.7 million in funding. As the subject industry seeks to invest in healthier and more sustainable food choices for future generations, it has also drawn international investment from industrial food specialists ‘Doehler Group’ and ‘Alianza Team’.
The latest funding round saw the participation of Agronomics, the leading listed investment company focused on Cellular Agriculture, and SEED Innovations Ltd, equally, the AIM-listed fund focused on investments in global health opportunities in order to show its continued support, participated in the current round.
In view of this development, the subject startup made clear the capital raised from the funding will be used to accelerate as well as scale-up of its technology platform while advancing critical regulatory and commercial pathways. Although, the company expects to complete a Series A funding in 2024, a time the business will have validated the technology at a commercial scale and have a clear line of sight to near-term revenue generation, noting that the business will raise Series A funds to support the build-out of a commercial scale manufacturing facility.
‘Alex Neves’ Co-founder and CEO of Clean Food Group, said: “We are delighted with the rapid progress the business has made in the past year. The successful conclusion of this current funding round validates the important strides our business is taking in solving critical sustainability and supply chain challenges facing our food and cosmetic manufacturer customers. We are now in a great position to validate our technology at a commercial scale, advance our regulatory pathways and develop our growing list of commercial partners in advance of our Series A next year”.
It’s also worth noting that in addition to the collaboration agreement with ‘Alianza Team’ as announced by the company on 8 August 2023, Clean Food Group also recently signed an SA with ‘Doehler Group’, designed to rapidly scale its fermentation process to a commercial level, and allow the manufacture of product batches required for regulatory approval for Food and Cosmetics applications. According to the company’s press release, the scale-up process with Doehler is now well advanced, with a successful fermentation run at 1,000 liters recently completed; the manufacture of product batches for regulatory approvals will be completed later this year.
A source familiar with this development noted that the company in this year strengthened its operational team with the hires of ‘Dr. James Mercer’, head of Manufacturing and Scale-up, and ‘Andrea Cattaruzza’ Head of Product. As a result, James will be responsible for the scale-up of the Company’s technology and brings over 25 years of experience in industrial fermentation and scale-up of alternative proteins, having previously held senior operational roles at Quorn, Croda, and DuPont, amongst others. Also, Andrea brings 30 years of experience from Mars Global Chocolate, currently as Director of Science.
Founded in 2022, Clean Food Group’s technology platform is an output of eight years of pioneering research led by ‘Professor Chris Chuck’, Technical Lead at the foodtech startup. However, the proprietary technology platform uses proven, scalable yeast strains and fermentation technology and uses food waste as its food source to deliver sustainable alternatives to traditional oil and fat ingredients.
- Please leave your comment!
Be the first to comment