UK-based biotech firm Clean Food Group has raised a further £2.3 million in funding from Doehler Group and Alianza Team. Agronomics and SEED Innovations Ltd have pledged their continued support by participating in the round. The company plans to complete a Series A funding in 2024.
Funding will see the firm accelerate the commercialisation of its technology platform 'while advancing critical regulatory and commercial pathways'. The platform uses proven yeast and fermentation technology and food waste to deliver sustainable alternatives to traditional oil and fat ingredients.
The biotech has collaboration agreements with both Alianza Team and Doehler Group, the latter is 'to rapidly scale its fermentation process to a commercial level, and enable the manufacture of product batches required for regulatory approval for Cosmetics and Food applications'.
“We are delighted with the rapid progress the business has made in the past year. The successful conclusion of this current funding round validates the important strides our business is taking in solving critical sustainability and supply chain challenges facing our food and cosmetic manufacturer customers," says Clean Food Group co-founder and CEO Alex Neves. "We are now in a great position to validate our technology at a commercial scale, advance our regulatory pathways and develop our growing list of commercial partners in advance of our Series A next year”.
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