TLDR:
- NovoNutrients raises $18 million in Series A financing round to accelerate development of its process to produce proteins called Novotein.
- Funds will support industrial pilot program, team growth, and commercial partnerships for Novotein applications in pet food, aquaculture, and plant-based alternatives.
In an $18 million Series A financing round, NovoNutrients announced plans to further develop its process that converts industrial carbon dioxide emissions and hydrogen into proteins called Novotein. The funding includes $10.3 million in new capital and the conversion of $8 million in previously issued SAFEs. The company aims for additional closings to reach a total of $23 million. The funds will also be used to support NovoNutrients’ industrial pilot program, team expansion, and development of commercial partnerships. Novotein, the protein produced by the process, can be used in various applications including pet food, aquaculture, and plant-based alternatives for human consumption. NovoNutrients’ chief executive officer, David Tze, expressed excitement about the investment bringing them closer to their vision of upcycling industrial emissions into essential nutrients. The Series A round was led by Woodside Energy and co-led by CM Venture Capital, with other investors including SOSV’s IndieBio and Decarbonization Consortium, Happiness Capital, The Jeremy and Hannelore Grantham Environmental Trust, and Audacy Ventures.
