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23rd February 2023 Content supplied by: Paleo
Paleo Raise €12M to Scale up Production of Key Ingredients
Food company Paleo has closed a Series A funding of €12M to scale up production of key ingredients for plant-based meat and fish alternatives through precision fermentation technology. It also enables the move into commercial production.
Paleo is a Belgian precision fermentation company that allows food manufacturers to offer a “real taste” experience, by providing key ingredients for environmentally friendly and cruelty-free meat and fish alternatives. To scale and grow, Paleo raised 12M euro in a Series A funding round, led by DSM Venturing and Planet A Ventures, joined by Gimv, SFPIM Relaunch, Beyond Impact, and Siddhi Capital.
Conventional meat production has an immense environmental burden, from the production of greenhouse gases, energy and land use, to its heavy reliance on antibiotics, hormones, and water. Plant-based meat and fish alternatives are more sustainable, but for many consumers their taste and nutritional value are not convincing. Paleo developed a technology to produce ingredients that lift these obstacles.
Paleo focuses on myoglobin, a protein that makes plant-based foods look and taste like meat or fish in terms of color, smell, taste, and aromatic experience and provides added nutritional value. The meat and fish proteins of Paleo are 100% identical to animal proteins and 100% GMO-free. Globally, only a few companies are producing meat proteins through precision fermentation. Paleo is the only one to produce a final product that is considered GMO-free.
Currently, Paleo offers a protein portfolio of six different species (beef, chicken, pork, lamb, tuna, and even mammoth).
This Series A venture round will enable Paleo to hit strategic milestones and commercial objectives. The first aim is scaling the technology and move towards commercial production. In parallel, Paleo will file for regulatory approval in key markets.
Andy de Jong, co-founder, and COO: "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."
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Date Published: 23rd February 2023
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