De Novo Foodlabs, a food technology firm specialising in rare protein-based functional ingredients, has secured additional funding, to take its total investment to $4m.
The new capital will accelerate the commercialisation of its precision-fermented lactoferrin product, NanoFerrin. It is a sustainable, cost-effective, and scalable substitute to traditional lactoferrin, a vital protein found mainly in milk.
The funding round was led by sustainable protein venture capital firm Joyful Ventures.
De Novo Foodlabs develops animal-free protein solutions to transform the health and wellness industry.
The food technology firm was founded to address these issues by creating an alternative form of lactoferrin that offers all the health benefits without ethical and environmental concerns.
NanoFerrin is expected to provide a unique ingredient for the food, beverage, and supplements industries, driving market expansion and fostering category growth.
De Novo Foodlabs CEO and co-founder Jean Louwrens said: “The lactoferrin market has long been hindered by high prices and inconsistent supply.
“Our team of leading scientists and engineers has dedicated themselves to overcoming these challenges through precision fermentation technology, and we are thrilled to have achieved a breakthrough.
“NanoFerrin is not only more affordable and eco-friendly; importantly, it also provides a reliable supply source compared to traditional bovine lactoferrin products. We are excited to collaborate with our investors to elevate De Novo to new heights.”
This recent funding round builds on previous investments from Sustainable Food Ventures, Siddhi Capital, Pascual Innoventures, UM6P Ventures, Cult Food Science, and Prithvi Capital.
In March 2023, the firm rebranded itself from De Novo Dairy and moved its headquarters to London.
Joyful Ventures General Partner Milo Runkle said: “De Novo Foodlabs exemplifies the innovation and sustainability we champion at Joyful Ventures.
“Their advancements in precision fermentation technology and dedication to creating impactful alternatives to high-value animal-derived ingredients pave the way for scalable and profitable industry solutions.”
Under the investment plans, Runkle will join De Novo Foodlabs’ board of directors.
