PETERBOROUGH, ONT. — Noblegen Inc., an ingredient start-up that makes protein, carbohydrates and oil ingredients, has secured C$25 million in Series B financing. Led by Richardson Ventures Inc. and BDC’s Cleantech Practice, the round follows a Series A funding round in 2016 and brings Noblegen’s total funding to date to C$42.5 million.
“Noblegen is extremely excited to begin on its next stage of growth,” said Adam Noble, chairman and chief executive officer of Noblegen. “Both Richardson Ventures Inc. and BDC share our vision to transform the global ingredients market by producing raw materials that are both healthy for consumers and healthy for our planet. We are incredibly proud to work with investors who are aligned with our strategy and dedicated to developing our business in Canada.”
Founded in 2013, Noblegen produces nutritious and functional proteins, carbohydrates and oils from a single microorganism called Euglena gracilis. The company’s proprietary fermentation technology enables it to produce ingredients with minimal water and land use as well as a reduced carbon footprint compared to the manufacturing of traditional ingredients, Noblegen said.
“Our vision is to be one of the most impactful brands of this decade, and we’re now in a position where we will be able to focus on meeting the needs of our customers and their consumers,” Mr. Noble said. “Our ingredients are incredibly versatile, so food and beverage manufacturers can develop products that are sustainably-produced but don’t sacrifice the taste and functionality of traditional ingredients.”
With this investment, Noblegen aims to scale its production capabilities and bring its ingredients to market this year. The company employs more than 50 at its Peterborough location and plans to double the size of its workforce by the end of 2019.
“Richardson Ventures Inc. is pleased to be a lead investor in Noblegen’s quest to redefine the future of nutrition,” said Don Solman, vice-president and chief financial officer of James Richardson & Sons, Ltd., parent company of Richardson Ventures. “We share Noblegen’s values in producing food and food ingredients that are both nutritionally and functionally beneficial. We are delighted that our investment will support the commercialization of Noblegen’s products, continue its research and development, and grow its production and refining capacity in order to meet the global demand for sustainable and affordable food.”
Zoltan Tompa, director of Cleantech Practice at BDC, added, “The BDC Cleantech Practice looks to back the highest growth potential companies that simultaneously deliver significant environmental impact, and Noblegen is well positioned to capitalize on the rapidly-growing market for healthy and sustainable food products. We are committed to help this promising company scale up. Noblegen has the potential to revolutionize food production in multiple global markets with its highly differentiated food ingredient products.”