Global food technology company Phytolon has secured additional funding to support its commercial activities toward the first launch of its natural food colours (made by fermentation) in the food and beverage markets.
The investors include Nextgen Nutrition Investment Partners (NGN), supported by Dunedain Ventures. NGN is led by James Cali and Andrew Towle, who bring vast experience in the global CPG industry. Two of the company's shareholders also invested: EIT Food, a major entity that promotes and accelerates innovation in the food systems, and Phytolon's Chairman, Mr. Steve Dubin, who has guided the company since its early stages.
Since closing Round A in the summer of 2022, Phytolon has recorded significant progress in its path to commercialisation and signed a commercial deal with DSM-Firmenich to distribute its wide range of natural food colours. Further, Phytolon has extended its supply capabilities and has established a manufacturing agreement at an industrial scale with a CMO that ensures resilient supply to clients. Phytolon has also commenced an in-house facility for production and supply at a pilot scale and enriched its in-house capabilities for developing and scaling natural ingredients by fermentation.
Phytolon's CEO, Halim Jubran, said that due to the company's progress in the last two years, it has gained more and more trust from top players in the global food and beverage industry, now perfectly demonstrated by the latest investments.
"We are excited to welcome our new partners, NGN, and strengthen our partnership with EIT Food and Mr. Steve Dubin, who have played crucial roles in the company's growth and success," said Jubran.
NGN's James Cali said that NGN believes Phytolon is perfectly positioned to create significant value in the food colours space with its advantaged, proprietary technology and wide range of colour options, which address rapidly growing requirements for natural, free-from ingredients by consumers and industry.
"This is especially important with the movements in regulations related to food colours in California," stated Cali.
Matthias de Kock, Senior Investment Manager at EIT Food, said that EIT Food recognised Phytolon's potential and invested early on.
"We're excited to witness this game-changing innovation in natural food colours unfold, and we look forward to supporting Phytolon in its future stages of growth and innovation," concluded de Kock.
