Chromologics, the Danish biotech company specializing in production of innovative natural food colors, today announced the successful closure of an extended seed round. The company raised an additional EUR 7.1 million in equity from its existing investors plus two new investors.
"We are thrilled to be able to accelerate our commercial development and welcome two new, strong investors, Doehler Ventures and Thia Ventures," said Gerit Tolborg, CEO of Chromologics. "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."
Chromologics' proprietary fermentation production method is environment-friendly, stable, and can ensure a cost competitive and sustainable supply to food and beverage manufacturers. Natu.Red®, the first product in the pipeline, is pH- and temperature stable, tasteless, water soluble, and vegan.
The co-founders, CEO Gerit Tolborg and CTO Anders Ødum, discovered this novel molecule and have over the last 5 years built Chromologics from a university spin-out to a company with own lab and pilot production facilities.
"Chromologics has convincingly demonstrated that, Natu.Red® is an attractive and sustainable alternative to existing synthetic and natural food colors. It is great to see growing international interest and validation of the company not just from investors but also from strategic partners, and a growing number of potential customers. 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 the commercial development.
The newly established Bioindustrials team at Novo Holdings has been established to support such a growth journey," said Thomas Grotkjær, Partner at Novo Holdings, Chromologics' largest investor.
"We look forward to supporting Chromologics as they develop and bring to market a range of natural food colors using their precision fermentation platform. We see a competitive advantage in this type of sustainable natural ingredient," says Rodrigo Hortega at Doehler Ventures, the investment arm of global natural ingredients supplier, Doehler Group. "The timing is right, and we are prepared to offer the full network and know-how of the Doehler Group," he added.
Chromologics' has demonstrated scalability of their fermentation process to industrial scale, built a strong network of potential customers, and began their 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 coming 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. 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," said Jarne Ellehollm, Chairman of the Board.
Chromologics supported by the following investors: Novo Holdings, Nordic Foodtech VC, Danmarks Eksport- og Investeringsfond, Thia Ventures, Doehler Ventures, Synergetic and Blue Horizon.