Danish natural food colourant raises funding to accelerate the development of its products
Natural food colourant company Chromologics today announced it has raised €1.9 million in seed financing led by Novo Seeds, with participation by Nordic FoodTech VC and Vækstfonden.
Copenhagen-based Chromologics is a spin-out from the Technical University of Denmark, which has stated it will change how natural colourants are produced, It says it has developed a fermentation-based colour platform for production of ChromoColors, its high-performing and sustainable food colourants.
Chromologics said the new funds will enable it to accelerate the development and regulatory approval of ChromoRed, its flagship food colourant.The company added that ChromoRed has the potential to be the first natural colorant exclusively produced by sustainable fermentation processes, instead of being extracted from plants or animals.
Gerit Tolborg, chief executive of Chromologics, said: “We are very pleased to welcome these strong and experienced investors to Chromologics. Their support provides validation for our strategy to develop better and more sustainable food colourants. They recognise the extraordinary economic opportunity in introducing lab-grown food colourants to the market at a time where alternative meats and food safety is a high consumer demand. This investment will allow us to accelerate the development of our flagship product ChromoRed and maximise the potential of our platform as we develop food colourants that meet the needs of industry and consumers.”
Thomas Grotkjær, principal at Novo Seeds, added: “Our mission at Novo Seeds is to identify disruptive technologies, enable entrepreneurs to build companies and bring them to real inflection points. Chromologics has an excellent team which has developed a truly innovative platform with the potential to transform how natural colourants are developed. There is enormous demand from industry and consumers for these high-quality and sustainable products and we have already had significant commercial interest from partners.”
Thomas Grotkjær, principal at Novo Seeds, and Lauri Reuter, founding partner at Nordic FoodTech VC, have joined the Chromologics board.
Date published: 1 September 2020