SAN LEANDRO, CALIF. — Animal-free ingredient company Geltor closed a $91.3 million Series B round led by CPT Capital.
ADM Ventures, the venture arm of Archer Daniels Midland Co., also participated in the round, which brought the total funding raised by the company to $116.3 million.
The new funding will help Geltor expand its global ingredients-as-a-service platform, which provides a range of alternative proteins for the food and beverage, nutraceutical and personal care industries.
“Our goal is to make it ridiculously easy for iconic brands to build sustainable products,” said Alex Lorestan, chief executive officer and co-founder of Geltor. “We're grateful to have investors who see Geltor as an index of this important shift to a system powered by fermentation and plant-based platforms like ours.”
Geltor launched in 2015 with animal-free collagens HumaColl21 and Collume. Since then, it has focused on scaling its fermentation-based technology platform to meet surging demand for alternative proteins.
“We see huge market potential for Geltor's protein platform across categories from cosmetics to food,” said Costa Yiannoulis, investment director at CPT Capital and director of Geltor’s board. “We are excited by the speed and skill with which they are building out their capabilities. Even more so, in light of the havoc wreaked by COVID-19 on protein supply chains globally, we believe Geltor is laying the foundations for the sustainable, resilient, protein supply chain of the future.”
CPT Capital and ADM Ventures were joined by returning investors WTT Investment Ltd., Cultivian Sandbox, SOSV, and iSelect Fund. New investors included Blue Horizon Ventures, RIT Capital Partners, Humboldt Fund and Pegasus Tech Ventures.