TLDR:
- NovoNutrients raised $18 million in a Series A financing round led by Woodside Energy and CM Venture Capital.
- The funding will enable NovoNutrients to strengthen its industrial pilot program, expand its team, and develop commercial partnerships.
Woodside Energy and CM Venture Capital have invested $18 million in biotech specialist NovoNutrients in a Series A financing round. The funding consists of $10.3 million in new capital and the conversion of $8 million in Simple Agreements for Future Equity (SAFEs). NovoNutrients plans to use this funding to strengthen its industrial pilot program, expand its team, and develop commercial partnerships.
NovoNutrients utilizes an innovative technology that combines industrial CO₂ emissions with hydrogen to produce high-quality protein called Novotein™, which has shown to be more effective in reducing natural resource use compared to traditional proteins. The company has signed Technology Development Agreements (TDAs) with companies in the energy and nutrition sectors, including Woodside Energy.
The potential applications for NovoNutrients’ Novotein™ include pet food, aquaculture, and plant-based alternatives for human consumption. As the demand for sustainable and cost-effective protein sources grows, NovoNutrients aims to capture a share of this expanding market.
NovoNutrients’ business strategy focuses on asset-light approaches through licenses and partnerships. The Series A financing will allow the company to strengthen its partnerships and accelerate its technological development. Min Zhou, Managing Partner of CM Venture Capital, recognizes NovoNutrients as a leading provider of carbon capture and utilization technologies.
The successful fundraising marks a significant milestone for NovoNutrients, positioning the company for rapid growth and the expansion of its commercial partnerships. With the support of its investors and partners, NovoNutrients is well-positioned to contribute to the evolution of the sustainable protein market.
