Brussels, Belgium-based food company leveraging precision fermentation technology, Paleo raised EUR 12 million in recent funding. The Series A round took place on February 21, 2023. DSM Venturing and Planet A Ventures led the financing for the company. Meanwhile, Gimv, SFPIM Relaunch, Beyond Impact, and Siddhi Capital joined in the funding.
Purpose of financing for Paleo
With the latest capital injection from Series A financing, Paleo seeks to deploy funds towards scaling its technology. The company also has plans to move towards commercial production.
Meanwhile, the food tech company intends to file for regulatory approval in key markets.
What the company’s official has to say
Hermes Sanctorum, Co-founder & CEO of Paleo, said, “The market for plant-based meat and fish is ready to grow further, provided that consumers find the taste convincing. There’s only so much you can do with artificial colouring and additives. 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 colour that transforms into caramelized brown when you grill it. And no animal is involved whatsoever, defining our ingredients as vegan. It’s great that our venture round is joined by expert industry investors, who tasted our Paleo ingredients and are fully convinced of their potential.”
In addition, Andy de Jong, Co-founder & COO, said, “We think 2025 is a credible timeline to have plant-based food with Paleo ingredients on the market. We are happy to see keen interest from international, established food manufacturers in our ingredient portfolio. 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.”
What the investors have to add
Jan Christoph Gras, Partner at Planet A Ventures, further said, “Transitioning to a plant-based diet is crucial for accomplishing our net-zero objectives. Animal agriculture accounts for nearly 15% of total global emissions while also driving biodiversity loss, water consumption and nitrogen and phosphorus pollution. With its innovative precision fermentation technology, Paleo has broken down barriers to the widespread adoption of plant-based meat alternatives. Its realistic taste and highly functional protein make it an attractive option for even the most sceptical consumers of meat and fish substitutes.”
About the company
Hermes Sanctorum and Andy de Jong launched the company in 2020. Paleo is a precision fermentation company. It focuses on myoglobin, a protein that makes plant-based foods look and taste like meat or fish with respect to colour, smell, taste, and aromatic experience and also provides added nutritional value.
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