Phytolon, a biotechnology company pioneering fermentation-based natural color solutions announces the close of its $23.6 Million Series B financing to commercialize its natural food colors in the US. This round reflects growing market demand for high-performing, economic, and sustainable natural alternatives to synthetic dyes.
This round was led by an undisclosed strategic investor. The funds were secured during three stages. Most of the funds were secured in the last stage in April, with participation from existing investors, including NextGen Nutrition (NGN), Colorcon Ventures, Millennium Foodtech, and Yossi Ackerman.
The financing follows the FDA approval of Beetroot Red, the company's first natural colorant in its portfolio (an effective date of the final ruling is yet to be set). Beetroot Red complies with the required standards of performance and clean label that CPGs and consumers expect in the modern food markets. Produced via fermentation of baker's yeast, Beetroot Red is an elevated natural color rooted in cost efficiency, robust supply, and environmental sustainability.
This news was also published here: PRNewswire, GreenQueen Media, Food Ingredients First