Biotech startup Chromologics completes €7.1m funding round to accelerate natural red color production through precision fermentation

Biotech startup Chromologics completes €7.1m funding round to accelerate natural red color production through precision fermentation

Published: 06-03-2023 10:05:00 | By: Pie Kamau | hits: 3262 | Tags:

Chromologics, the Danish biotech company specializing in production of innovative natural food colors, announced the successful closure of an extended seed round of an additional €7.1 million in equity from its existing investors plus two new investors.

Gerit Tolborg, CEO, Chromologics: ''We are thrilled to be able to accelerate our commercial development and welcome two new, strong investors, Doehler Ventures and Thia Ventures. 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.

Thomas Grotkjær, Partner, Novo Holdings, Chromologics’ largest investor: “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 kilograms 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.”

Rodrigo Hortega, Head of Investments, Dohler Ventures: “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. The timing is right, and we are prepared to offer the full network and know-how of the Doehler Group.”

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.

www.chromologics.com