TLDR:
- NovoNutrients raises US$18 million in Series A funding led by Woodside Energy and co-led by CM Venture Capital.
- The funding will accelerate the development of innovative carbon capture and utilization technology for sustainable protein production.
NovoNutrients, a biotech company, has successfully closed a Series A financing round, raising US$18 million. The funding includes US$10.3 million in new capital and the conversion of US$8 million in previously issued SAFEs. Woodside Energy and CM Venture Capital led the round, with other participants including SOSV’s IndieBio, Happiness Capital, and more.
The company’s product, Novotein™, is a premium protein ingredient that is made by transforming industrial CO₂ emissions into a nutritious and environmentally responsible protein ingredient. NovoNutrients plans to use an asset-light strategy involving licensing and strategic partnerships. The funding will support the company’s industrial pilot program, team growth, and commercial partnerships.
NovoNutrients has already secured technology development agreements in the energy and nutrition sectors, including a partnership with Woodside Energy. The company aims to address the global demand for sustainable protein sources across various markets, including pet food, aquaculture, and plant-based alternatives for human consumption.
This Series A funding marks a significant milestone for NovoNutrients as it advances its technology to become a leading provider of sustainable protein ingredients. With the support of its investors and partners, the company is poised to make substantial contributions to global food security and industrial decarbonization.
