NovoNutrients raises $4.7 million

The latest funding in the novel protein startup was led by Hong Kong-based global venture firm, Happiness Capital, which has previously invested in Beyond Meat, Redefine Meat, and Ynsect.

The startup, which had previously raised $4.3 million, plans to use the latest project funding to complete its industrial pilot programme, which will capture CO₂ emissions at an oil and gas and/or cement-related plant.

"NovoNutrients has taken major steps towards becoming one of the world's biggest suppliers of innovative protein ingredients by 2030," said Eric Ng, CEO of Happiness Capital. "The executive team has achieved tremendous support, not only from us, but also from prior visionary investors, as well as project funding from powerful corporate partners."

"NovoNutrients' uniqueness is the combination of its current focus on alternative protein, its use of carbon capture and inexpensive hydrogen, and its creation of a robust platform for making both natural and synthetic biology products. Beyond nutrition, we expect its platform to make other bio-based chemicals and materials. Its tech is exceedingly cost effective and promising for addressing increasing global demand and greenhouse gas emissions."

NovoNutrients plans to co-locate its bioreactors and systems at industrial sites that produce high-levels of CO₂. At global scale, NovoNutrients plants have the potential to reduce those industrial CO₂ emissions by gigatons.

According to the startup, its protein ingredients are superior to those from soy.

"The progress at NovoNutrients, "said NovoNutrients' CEO, David Tze, "stands on the shoulders of three generations of fermentation pioneers that were mainly in biofuels. Now, we believe we have found the path to high-value products and affordable industrial scale, by using greenhouse gases instead of corn."

"In the three years since our November 2018 Indiebio demo day," Tze adds, "we've prototyped protein-based products that have a market value 10x our original one, which was targeted at replacing ingredients made from wild-caught fish. We have been able to do that without increasing our cost of fermentation. We are rapidly accelerating to industrial scale. Our current pilot project is centered on a 1,000-liter bioreactor. Shortly thereafter, we will stand-up a 20,000-liter industrial demo."

E²JDJ and Marinya Capital also joined the round, which included re-ups from SOSV's IndieBio and the Grantham Environmental Trust. Other, earlier investors include Stanford Graduate School of Business Impact Fund, Purple Orange Ventures, and Joyance Partners.