Comet Bio, which manufactures various ingredients through upcycling, announced today that it has completed its Series C with an initial close of $22 million. The round was led by Open Prairie, the Louis Dreyfus Company (LDC), BDC Capital, as well as existing investor Sofinnova Partners.
With headquarters in London, Ontario and Schaumberg, Illinois Comet Bio takes agricultural leftovers from farms and upcycles them through a proprietary process to turn them into a number of different ingredient products including a prebiotic dietary fiber called Arrabina, sugar syrup alternatives called Sweeterra, as well as animal and bionutrition industrial products.
Upcycling is a trend we follow closely here at The Spoon, and it’s one that thankfully seems to be catching on with a number of startups. ReGrained upcycles grain from beer brewing into bread and even ice cream. Kern Tec upcycles stone fruit pits into oils and and alternative dairy products. And Rind produces upcycled dried fruit snacks.
In fact, there’s been so much momentum going into upcycled foods that the field now has its own certification label. As my colleague, Mike Wolf wrote recently:
The interest in upcycled food is also a part of a broader interest in companies up and down the food system in tackling the problem of food waste. The pandemic helped accelerate this interest as everyone saw entire crops go to waste, but the reality is rising costs of food products has made reducing food waste not only appealing to sustainability-oriented organizations, but also to the bottom-line focused types in big corporates at CPG, retail and restaurants.
In the press announcement, Comet Bio said it will use the new funds to invest in its product innovation and health claims development.