Chromologics Extends Its Seed Round To More Than €12 Million For Fermented Food Colors
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Danish natural food colors biotech company Chromologics has closed an extended Seed funding round, bringing its total to more than €12 million.
Adding €7.1 million in equity from its existing investors plus two new investors, Chromologics has raised more than €12.1 million in Seed funding. The extended round includes new funding from Doehler Ventures and Thia Ventures along with its investments from Novo Holdings, Nordic Foodtech VC, Danmarks Eksport- og Investeringsfond, Synergetic, and Blue Horizon.
“We are thrilled to be able to accelerate our commercial development and welcome two new, strong investors, Doehler Ventures and Thia Ventures,” Gerit Tolborg, CEO of Chromologics, said in a statement
“In particular, Doehler’s formal investment marks a new phase in our collaboration. We look forward to benefiting from their expertise as we begin developing commercial-scale production.”
The funding will be used to accelerate the commercialization of Natu.Red, the first product in the pipeline — a red dye made from Chromologics’ proprietary fermentation production method that delivers a cost-competitive and sustainable, stable food coloring supply to food and beverage manufacturers.
“Chromologics has convincingly demonstrated that Natu.Red is an attractive and sustainable alternative to existing synthetic and natural food colors,” said Thomas Grotkjær, Partner at Novo Holdings.
“The successful scale-up and production of the first several hundred kilos of Natu.Red, as well as the line of sight for regulatory approval, calls for accelerating commercial development.”
Rodrigo Hortega at Doehler Ventures, the investment arm of global natural ingredients supplier Doehler Group, said, Doehler sees a “competitive advantage” in this type of sustainable natural ingredient. “The timing is right, and we are prepared to offer the full network and know-how of the Doehler Group.”
Chromologics says its fermentation process is scalable to an industrial level; the company already boasts a strong network of potential customers and has begun its regulatory approval program.
Early results indicate cost-effective production, excellent product performance, and safe use of Natu.Red as a novel food additive.
During the funding period, Chromologics will further advance regulatory approval, establish a commercial production line, expand the portfolio towards additional colors, and progress on commercial execution.
“This is an exciting time for Chromologics,” said Jarne Ellehollm, Chairman of the Board. “The team has developed, grown their skillset, and added new expertise. They are well equipped and ready for the next stage of their journey towards commercial success.”