The US-based precision fermentation company De Novo Foodlabs announces it has secured new funding to expedite the commercialization of its flagship ingredient, NanoFerrin.
NanoFerrin is said to be a “nature-identical” alternative to bovine lactoferrin, a protein renowned for its iron-rich content and effectiveness in mitigating aging-related changes, according to De Novo Labs.
The undisclosed round was spearheaded by California’s Joyful Ventures, a venture capital firm specializing in sustainable proteins, led by prominent figures such as Jennifer Stojkovic of the Vegan Women Summit and Milo Runkle, co-founder of the Good Food Institute.
Including this round, De Novo Foodlabs has raised a total of $4 million following initial investments from Sustainable Food Ventures, Siddhi Capital, Pascual Innoventures (Mylkcubator), UM6P Ventures, CULT Food Science, and Prithvi Capital.
Runkle will join De Novo’s Board of Directors, underscoring the importance of collaboration. He shares: “De Novo Foodlabs exemplifies the innovation and sustainability we champion at Joyful Ventures. Their advancements in precision fermentation technology and dedication to creating impactful alternatives to high-value animal-derived ingredients pave the way for scalable and profitable industry solutions.”
Solving challenges with fermentation
De Novo Foodlabs focuses on producing rare, protein-based functional ingredients using a biopharma discovery model, machine learning, and microbial fermentation. Jean Louwrens (CEO), Leah Bessa (CSO), Richard Grieves (COO), and Joni Symon (protein R&D lead) founded the startup in North Carolina in 2021.
“The lactoferrin market has long been hindered by high prices and inconsistent supply”
Its first ingredient, lactoferrin, is a costly whey protein traditionally extracted from cow’s milk, burdened by sustainability and ethical concerns. It is highly sought after due to its anti-oxidation, anti-cellular senescence, and anti-inflammatory properties, which can enhance immunity, brain health, iron absorption, gut health, and longevity.
By leveraging precision fermentation and its sustainable production process, the startup aims to address the high costs and inconsistent supply by providing a more affordable, reliable, and eco-friendly alternative.
CEO Louwrens comments: “The lactoferrin market has long been hindered by high prices and inconsistent supply. Our team of leading scientists and engineers has dedicated themselves to overcoming these challenges through precision fermentation technology, and we are thrilled to have achieved a breakthrough.”
An affordable, reliable, and ethical alternative
The startup says the new capital will facilitate market expansion in the food, beverage, and supplements sectors to meet increasing consumer demand for innovative nutrition solutions focused on health and well-being.
According to the North Carolina team, the global lactoferrin market, valued at $773 million in 2023, is projected to grow by 15.8% annually over the next decade. Leveraging its competitive edge, NanoFerrin aims to penetrate this expanding market by promoting human health as well as environmental sustainability.
Louwrens adds: “NanoFerrin is not only more affordable and eco-friendly; importantly, it also provides a reliable supply source compared to traditional bovine lactoferrin products. We are excited to collaborate with our investors to elevate De Novo to new heights.”