Noblegen Inc. has announced the closing of a $25 million tranched Series B round of financing led by Richardson Ventures Inc., a subsidiary of James Richardson & Sons, Limited (JRSL). BDC Capital Cleantech Practice joined Richardson Ventures and other investors in the second closing.
The new round, following a successful Series A funding round in 2016, brings Noblegen’s total funding to date to $42.5 million.
Founded in 2013, Peterborough, Ontario based Noblegen is an advanced ingredients company that makes unique protein, carbohydrate, and oil ingredients from a single microorganism called Euglena gracilis.
With this announcement, Noblegen aims to scale its production capabilities as well as to bring its highly anticipated ingredients to market. Noblegen currently employs over 50 people at its Peterborough location and is planning to double the size of its workforce by the end of 2019.
photo credit: Noblegen
Noblegen, an Emerging Canadian Ingredients Startup, Raises Series B Financing
PETERBOROUGH, ONTARIO, CANADA- May 30, 2019. Noblegen Inc. (“Noblegen”), an advanced ingredient startup, is pleased to announce that it has secured $25 million CAD in Series B financing led by Richardson Ventures Inc., a subsidiary of Canadian holding company James Richardson & Sons, Limited (JRSL), and BDC’s Cleantech Practice. This round follows a successful Series A funding round in 2016 and brings Noblegen’s total funding to date to $42.5 million.
“Noblegen is extremely excited to begin on its next stage of growth. Both Richardson Ventures Inc. and BDC share our vision to transform the global ingredients market by producing raw materials that are both healthy for consumers and healthy for our planet,” says Noblegen CEO and Chairman Adam Noble. “We are incredibly proud to work with investors who are aligned with our strategy and dedicated to developing our business in Canada.”
Uniquely positioned as a company that can drive systemic change in the global ingredients market, Noblegen makes nutritious and highly functional proteins, carbohydrates, and oils from a single microorganism called Euglena gracilis. Noblegen’s proprietary fermentation technology enables it to produce these ingredients with minimal water and land use as well as a reduced carbon footprint compared to the manufacturing of traditional ingredients.
“Richardson Ventures Inc. is pleased to be a lead investor in Noblegen’s quest to redefine the future of nutrition,” says Don Solman, Vice-President and Chief Financial Officer of James Richardson & Sons, Limited. “We share Noblegen’s values in producing food and food ingredients that are both nutritionally and functionally beneficial,” Solman says. “We are delighted that our investment will support the commercialization of Noblegen’s products, continue its research and development, and grow its production and refining capacity in order to meet the global demand for sustainable and affordable food.”
“The BDC Cleantech Practice looks to back the highest growth potential companies that simultaneously deliver significant environmental impact and Noblegen is well positioned to capitalize on the rapidly-growing market for healthy and sustainable food products,” says Zoltan Tompa, Director, Cleantech Practice at BDC.
“We are committed to help this promising company scale up,” Tompa added. “Noblegen has the potential to revolutionize food production in multiple global markets with its highly differentiated food ingredient products.”
With this announcement, the company aims to scale its production capabilities as well as to bring its highly anticipated ingredients to market. Noblegen currently employs over 50 people at its Peterborough, Ontario location and is planning to double the size of its workforce by the end of 2019.
“Our vision is to be one of the most impactful brands of this decade, and we’re now in a position where we will be able to focus on meeting the needs of our customers and their consumers. Our ingredients are incredibly versatile, so food and beverage manufacturers can develop products that are sustainably-produced but don’t sacrifice the taste and functionality of traditional ingredients,” Noble says.
Noblegen plans to launch its ingredients in the U.S. in 2019.
Noblegen is an advanced ingredients company that makes unique protein, carbohydrate, and oil ingredients from a single microorganism called Euglena gracilis. Noblegen, founded in 2013, is dedicated to increasing global accessibility of sustainably produced, healthy ingredients. The company currently employs over 50 people at its Peterborough, Ontario location. For more information visit noblegen.com
About Richardson Ventures Inc.
Richardson Ventures Inc. is an investment subsidiary of James Richardson & Sons, Limited, a private, family-owned Canadian corporation established in 1857. The Firm has global interests in agribusiness and food processing, energy exploration and marketing, real estate, insurance and financial services.
BDC is the only bank devoted exclusively to entrepreneurs. It promotes Canadian entrepreneurship with a focus on small and medium-sized businesses. With its 123 business centres from coast to coast, BDC provides businesses in all industries with financing and advisory services. Its investment arm, BDC Capital, offers equity, venture capital and flexible growth and transition capital solutions. BDC is also the first financial institution in Canada to receive B Corp certification. To find out more, visit bdc.ca.
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