Biodesign startup Geltor has announced the closing of a US$91.3 million Series B financing round, which will go towards accelerating its animal-free ingredient platform. The startup cultivates its sustainable “designer proteins” that can be used to replace animal products in multiple consumer goods segments, from food to cosmetics.
The funding round was led by London-based alternative protein investor CPT Capital with significant commitment from Taipei-based WTT Investment. Other participants include Blue Horizon Ventures, RIT Capital Partners, Humboldt Fund and more. This Series B brings Geltor’s total funding to US116.3 million to date.
Geltor says that the capital will be used to fuel the expansion of its “Ingredients-as-a-Service” platform in order to meet the growing demand from global consumer goods companies for animal-free ingredients, driven by increasing consumer preferences for ethical and environmentally-friendly products.
Our goal is to make it ridiculously easy for iconic brands to build sustainable products.Alexander Lorestani, Co-Founder & CEO of Geltor
Founded in 2015 by Alexander Lorestani and Nick Ouzounov, the Californian biodesign startup uses fermentation technology to create sustainably cultivated protein ingredients that are clinically demonstrated for high performance. Some of its products include cultivated and animal-free collagen replacements such as HumaColl21 and Collume.
Having established the success of our biodesign platform, we are now able to work even more closely with customers to develop unique tailored bioactive ingredients for their specific product needs.Nick Ouzounov, Co-Founder & Chief Technology Officer of Geltor
“Our goal is to make it ridiculously easy for iconic brands to build sustainable products,” said co-founder and CEO Lorestani. “We’re grateful to have investors who see Geltor as an index of this important shift to a system powered by fermentation and plant-based platforms like ours.”
The need for sustainable and resilient protein ingredients has only grown even more in light of the coronavirus pandemic, which has seen slaughterhouse viral outbreaks wreaking havoc on animal protein supply chains in the past months.
On top of the pandemic, multiple ongoing and emerging livestock diseases such as African swine fever and Div1 shrimp virus has further heightened consumer concern over food safety, particularly in Asia.
Alternative protein solutions such as cultivated technologies are therefore vital for building a sustainable supply chain, whether it be in the food sector or the cosmetics and skincare industry.
Looking ahead, the startup hopes to be able to accelerate the development of even more ingredients using its microbial fermentation technology in order to fully replace the need for animals in products.
“Having established the success of our biodesign platform, we are now able to work even more closely with customers to develop unique tailored bioactive ingredients for their specific product needs,” explains chief technology officer and co-founder Ouzounov.
“We’ve only scratched the surface of what our technology can unlock for our clients at unprecedented speed.”
All images courtesy of Geltor.