After hitting fundamental milestones since the last financing round, Phytolon secures additional funding to support its commercial activities toward the first launch of its natural food colors (made by fermentation) in the food and beverage markets.
The investors include Nextgen Nutrition Investment Partners (NGN) supported by Dunedain Ventures. NGN is led by James Cali and Andrew Towle who bring vast experience in the global CPG industry. Two of the company’s shareholders also invested: EIT Food, a major entity that promotes and accelerates innovation in the food systems, and Phytolon’s Chairman Mr. Steve Dubin who has been guiding the company since its early stages.
Since closing Round A in the summer of 2022, Phytolon recorded significant progress in its path to commercialization and signed a commercial deal with DSM-Firmenich to distribute its wide range of natural food colors. Further, Phytolon extended its supply capabilities and has put in place a manufacturing agreement at an industrial scale with a CMO that ensures resilient supply to clients. Phytolon has also commenced an in-house facility for production and supply at a pilot scale and enriched its in-house capabilities for developing and scaling natural ingredients by fermentation.
Phytolon’s CEO, Halim Jubran, commented on the transaction: “Due to the progress that we have made in the last two years, we are gaining more and more trust from top players in the global F&B industry, now perfectly demonstrated by the latest investments. We are excited to welcome our new partners, NGN, and strengthen our partnership with EIT Food and Mr. Steve Dubin, who have played crucial roles in the company’s growth and success.”
NGN’s James Cali, said: “We believe Phytolon is perfectly positioned to create significant value in the food colors space with their advantaged, proprietary technology, and wide range of color options which address rapidly growing requirements for natural, free-from ingredients by consumers and industry. This is especially important with the movements in regulations related to food colors in California.”
Matthias de Kock, Senior Investment Manager at EIT Food added: “EIT Food recognized Phytolon’s potential from the outset and invested early on. Today, we’re excited to witness this game-changing innovation in natural food colors unfold and we look forward to supporting Phytolon in its future stages of growth and innovation.”
