A California-based biodesign start-up has raised more than $91 million to expand its global Ingredients-as-a-Service platform.
According to Geltor, the $91.3 million Series B financing aims to meet accelerating demand from global consumer packaged goods (CPG) companies for sustainable, functional, and 100% animal-free ingredients.
The round was led by future protein pioneer CPT Capital, with significant commitment from WTT Investment, as well as including new and returning investors. The Series B brings the total funding raised for Geltor to $116.3M to date.
Since being established in 2015, the firm has proven its biodesign technology for large and growing global CPG segments including cosmetics & personal care, nutraceuticals, and the food & beverage industries.
Its success across global CPG segments reflects consumers’ increasing preference for ethical products, as more brands face backlash for using animal ingredients and contributing to the growing threat of climate change.
Over the past year, global demand for collagen grew by 25% and Geltor saw sales surge for its first products, animal-free collagens like HumaColl21 and Collume.
Despite African Swine Fever and COVID-19 disrupting industrial supply chains, Geltor was able to scale its fermentation-based technology platform up 100X and produced hundreds of new proteins to help customers seamlessly turn an idea into a highly effective ingredient quickly and with minimal risk.
“Our goal is to make it ridiculously easy for iconic brands to build sustainable products. This next stage of growth will allow Geltor to meet the moment our world is facing, as businesses recognize the urgent need to transition to a sustainable protein supply chain,” said Geltor CEO and co-founder Alex Lorestani.
“We’re grateful to have investors who see Geltor as an index of this important shift to a system powered by fermentation and plant-based platforms like ours.
“As a scientist, I’m convinced that the highest-impact action I can take to support human and planetary health is making our Ingredients-as-a-Service platform better every single day.”
Noting Geltor’s position of strength from the emerging consumer biotechnology sector, Chief Financial Officer Sachin Kelkar said: “Since its founding, Geltor has focused on developing an industrial strength Ingredients-as-a-Service™ platform based on the fundamental principles of functionality, breadth, scale, and speed to meet the pace of customer innovation in multiple end markets.
We’re excited to leverage our strong balance sheet and investor base to scale business and manufacturing operations around the core platform to meet global protein demands for decades to come.”