FRANCE – French precision fermentation company Standing Ovation has secured €3.75 million (US$4.17M) in a Series A+ funding round, which aims to accelerate its plans for producing and marketing its flagship protein, Advanced Casein.
The company, specializing in precision-fermented proteins, is positioning itself as a key player in the global food transition.
The funding round was supported by Standing Ovation’s existing investors and is intended to boost the company’s growth as it nears the final stages of preparation for industrial-scale production.
The company aims to have this process ready by the end of the year.
Advanced Casein, the company’s signature product, is designed to reduce environmental impact, emitting ten times less CO2 than traditional milk proteins sourced from animals.
It also ensures efficient use of resources like water and land, while being free from antibiotics and genetically modified organisms (GMOs). According to the company, the protein delivers the same nutritional, functional, and taste attributes as animal-derived casein.
This funding follows a €12 million (US$13.3M) series A round completed in 2022, led by Astanor Ventures with support from the Bel Group.
The latest round brings Standing Ovation’s total fundraising to €23 million (US$25.5M) over four years.
In addition to the funding announcement, Standing Ovation has appointed Yvan Chardonnens as its new CEO.
Chardonnens brings three decades of experience in leading global business-to-business (B2B) companies.
Before joining Standing Ovation, he served as the chief commercial officer at Oterra, a major supplier of natural food colorants.
His previous roles also include positions at Firmenich, International Flavors & Fragrances (IFF), Barry Callebaut, and Roquette.
Chardonnens expressed enthusiasm about joining the company, highlighting its role in addressing challenges within the food sector and the environment.
He emphasized that Standing Ovation has made significant progress over the past four years under the leadership of former CEO Romain, achieving key technological and financial milestones.
Chardonnens said that the next focus will be obtaining regulatory approval, refining the company’s market strategy, and initiating large-scale production.
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