PETACH TiKVA, ISRAEL — DouxMatok has raised $22 million in a series B funding round that will enable large scale production and sales of its sugar reduction system to the food industry as it commercializes in Europe and North America, the Petach Tikva-based company said June 19. BlueRed Partners from Singapore led the round, which included Südzucker AG, the largest European sugar company; Royal DSM; and Singha Ventures, a corporate venture fund of Thailand’s Singha Corp.
The sugar reduction system works by maximizing the efficiency of sugar delivery to the mouth’s sweet taste receptors to enhance the perception of sweetness. Sugar may be reduced by 40% in food products without any compromise in taste, mouthfeel or texture, according to DouxMatok.
“We are thrilled to have the opportunity to speed up commercialization so that we can lead the quest for reducing added sugars while providing consumers with the tastes they love and want,” said Eran Baniel, chief executive officer and co-founder of DouxMatok. “We’re grateful to our new investors and existing ones for making it possible with the company to speed up growth so as to meet the huge market demand we’re experiencing.”
DouxMatok and Südzucker are working together and soon expect to complete the industrial manufacturing of the DouxMatok sugars in Europe, followed by commercialization in North America.
“We at Südzucker are thrilled to expand upon our collaboration with DouxMatok and leverage the already proven synergies, as well as additional resources gained as part of the new funding round, to speed up availability of the innovative DouxMatok sugars in our key European markets,” said Randolf Burisch, head of business unit sugar/sales of Südzucker AG.
Other companies in the funding round included existing shareholders Pitango Venture Capital and Jerusalem Venture Partners and new investors btov Partners, OurCrowd and La Maison. DouxMatok plans to expand its technology platform to include other products and flavors, including salt.