Chromologics, a Danish biotech company specializing in natural food colors, announced that it had closed an additional EUR 7.1 million in equity funding. Doehler Ventures and Thia Ventures joined existing investors Novo Holdings, Nordic Foodtech VC, Danmarks Eksport- og Investeringsfond, Synergetic and Blue Horizon.
Food and beverage manufacturers can ensure a cost-effective and sustainable supply with Chronologics' proprietary fermentation method, which is environmentally friendly, stable, and environmentally friendly. As the first product in the pipeline, Natu.Red® is pH- and temperature-stable, tasteless, water soluble, and vegan.
Over the last 5 years, Chromologics' co-founders, CEO Gerit Tolborg and CTO Anders Dum, have grown the company from a university spin-out into a company with its own lab and pilot production facilities.
Chromologics have successfully proven Natu.Red® to be a very attractive and sustainable substitute for current synthetic and natural food colorants. The company has been receiving much attention from investors, strategic partners and prospective customers globally. Now that the first few hundred kilos of Natu.Red® have been efficiently manufactured, along with regulatory authorization being around the corner, Chromologics are in the process of speeding up their commercial growth.
Having a Bioindustrials team at Novo Holdings will support such a growth journey," said Thomas Grotkjær, Partner at Novo Holdings, Chromologics' largest investor.
Using Chromologics' precision fermentation platform, we're excited to work with them to develop and market a range of natural food colors. According to Rodrigo Hortega, the investment arm of global natural ingredients supplier Doehler Group, this type of sustainable natural ingredient offers a competitive advantage. As a result of the timing, the Doehler Group is ready to offer its full network and expertise.
It has demonstrated the scalability of its fermentation process to industrial scale, established a strong network of potential customers, and begun the regulatory approval process. Natu.Red® as a novel food additive has demonstrated excellent performance, cost-effective production, and safety.
Chromologics will further advance regulatory approval, establish a commercial production line, expand its portfolio to include additional colors, and move forward with commercial execution during the coming funding period.