Geltor raises USD 91.3M Series B financing to expand its sustainable Ingredients-as-a-Service™ platform globally. The funding round aims to meet accelerating demand from global CPG companies for sustainable, functional, and 100 percent animal-free ingredients. The round was led by CPT Capital (London, UK), with significant commitment from WTT Investment Ltd.
Biodesign Technology for CPG Segments
Since being established in 2015, Geltor, the California-based firm has proven its biodesign technology for large and growing global CPG segments including cosmetics and personal care. The company’s success across global CPG segments reflects consumers’ increasing preference for ethical products, as more brands face backlash for using animal ingredients.
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Our goal is to make it ridiculously easy for iconic brands to build sustainable products. This next stage of growth will allow Geltor to meet the moment our world is facing, as businesses recognize the urgent need to transition to a sustainable protein supply chain,” said Geltor CEO and co-founder Alex Lorestani.
Increasing Demand of Animal-free Collagen
Over the past year, global demand for collagen grew by 25 percent and Geltor saw sales surge for its first products, animal-free collagens. Despite African Swine Fever and COVID-19 disrupting industrial supply chains, Geltor was able to scale its fermentation-based technology platform up 100X and produced hundreds of new proteins to help customers seamlessly turn an idea into a highly effective ingredient quickly and with minimal risk.
Noting Geltor’s position of strength from the emerging consumer biotechnology sector, chief financial officer Sachin Kelkar said, “
Since its founding, Geltor has focused on developing an industrial strength Ingredients-as-a-Service™ platform based on the fundamental principles of functionality, breadth, scale, and speed to meet the pace of customer innovation in multiple end markets. We are excited to leverage our strong balance sheet and investor base to scale business and manufacturing operations around the core platform to meet global protein demands for decades to come.”
CPT sees huge market potential for Geltor’s protein platform across categories from cosmetics to food. CPT believes Geltor is laying the foundations for the sustainable, resilient, protein supply chain of the future.
Source: Geltor