Belgian precision fermentation company Paleo has secured €12m in a Series A funding round the company announced today. The round was led by DSM Venturing and Planet A Ventures, alongside Gimv, SFPIM Relaunch, Beyond Impact, and Siddhi Capital.
According to the release, the funding will be used to scale up production of myoglobin, a protein that gives plant-based meat and fish alternatives what the company describes as a “real taste” experience. Myoglobin will be used by food manufacturers to create meat and fish alternatives.
“Paleo developed a technology to produce ingredients that lift these obstacles,” said Hermes Sanctorum, co-founder and CEO of Paleo. “Adding our ingredients to plant-based meat alternatives is a game changer that brings the experience of ‘real’ meat. You can smell it, you can taste it, and you can see it because our ingredients provide that vibrant red color that transforms into caramelized brown when you grill it. And no animal is involved whatsoever defining our ingredients as vegan.”
The company says the funding will be used to file for regulatory approval in certain markets and scale up production towards commercial production. The company says plant-based food with Paleo ingredients on the market by 2025.
“The food industry has barely scratched the surface of what is possible with precision fermentation, and Paleo will be at the forefront of this revolution in food production,” said Andy de Jong, co-founder and COO.
Precision fermentation continues to be the most resilient of the alternative protein segments over what is a dark time for many future food startups. The industry, which just saw the creation of its own industry consortium, has gained momentum in recent years as it has proven itself both incredibly flexible in terms of the ingredients it can produce, as well as scalable enough to produce ingredients for mass-market consumer products.