Copenhagen, Denmark-based biotech company specialising in the production of natural food colours, Chromologics, raised EUR 7.1 million in an additional series of seed funding. The company announced the fundraise on March 06, 2023. The company’s existing investors and two new investors joined in the series seed round. Novo Holdings, Nordic Foodtech VC, Danmarks Eksport- og Investeringsfond, Synergetic and Blue Horizon, as well as new investors Doehler Ventures and Thia Ventures, led the funding for the company.
The total proceeds for the series seed round for Chromologics amount to EUR 12.6 million.
Purpose of financing for Chromologics
With the latest capital injection, Chromologics seeks to further advance regulatory approval. It also has plans to establish a commercial production line. Meanwhile, the company looks to expand the portfolio towards additional colours and progress on commercial execution.
What the company’s official has to say
Gerit Tolborg, CEO of Chromologics, said, “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.”
What the investors have to add
Thomas Grotkjær, Partner at Novo Holdings, further said, “Chromologics has convincingly demonstrated that Natu.Red® is an attractive and sustainable alternative to existing synthetic and natural food colours. 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 commercial development. The newly established Bioindustrials team at Novo Holdings has been established to support such a growth journey.”
Besides, Rodrigo Hortega at Doehler Ventures, the investment arm of global natural ingredients supplier Doehler Group, said, “We look forward to supporting Chromologics as they develop and bring to market a range of natural food colours 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.”
About the company
Gerit Tolborg and Anders Ødum co-founded the company in 2017. Chromologics’ proprietary fermentation production method is environment-friendly and stable and ensures a cost-competitive and sustainable supply to food and beverage manufacturers.
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