SAN LEANDRO — Geltor announced the closing of a $91.3 million Series B financing that will fuel the global expansion of its Ingredients-as-a-Service platform. The funding round aims to meet accelerating demand from global consumer packaged good (CPG) companies for sustainable, functional, and 100% animal-free ingredients. The round was led by future protein pioneer CPT Capital (London, UK), with significant commitment from WTT Investment Ltd. (Taipei, Taiwan).
Since being established in 2015, the California-based firm has proven its biodesign technology for large and growing global CPG segments including cosmetics & personal care, nutraceuticals, and the food & beverage industries. Its success across global CPG segments reflects consumers’ increasing preference for ethical products, as more brands face backlash for using animal ingredients and contributing to the growing threat of climate change.
Over the past year, global demand for collagen grew by 25% and Geltor saw sales surge for its first products, animal-free collagens like HumaColl21 and Collume. 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.
“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. “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. As a scientist, I’m convinced that the highest-impact action I can take to support human and planetary health is making our Ingredients-as-a-Service™ platform better every single day.”
“Having established the success of our biodesign platform, we are now able to work even more closely with customers to develop unique tailored bioactive ingredients for their specific product needs. We’ve only scratched the surface of what our technology can unlock for our clients at unprecedented speed,” added Chief Technology Officer and co-founder Nick Ouzounov.