Image Credit: Clean Food Group
Clean Food Group, a UK-based biotech firm, has announced today that it has secured an additional £2.5m in funding from the Clean Growth Fund. This investment aims to expedite the commercialization of their groundbreaking technology, which offers sustainable alternatives to traditional oils and fats by utilizing food waste, yeast strains, and fermentation.
With this latest funding round, Clean Food Group's total raised capital now stands at £13m. Previous backers include notable entities such as investment firm Agronomics and industrial food specialists Allianza Team and Doehler Group.
The global food industry significantly contributes to greenhouse gas emissions and environmental degradation, with a substantial portion of food produced worldwide ending up as waste.
Additionally, producing vegetable oils like palm and soy is a leading cause of deforestation. These factors underscore the urgent need for sustainable alternatives.
Clean Food Group's technology addresses these challenges by offering 90% less carbon-intensive alternatives than traditional fats and oils.
These innovative alternatives can seamlessly replace conventional ingredients in various products, including baked goods, confectionery, and cosmetics.
The company's proprietary technology platform utilizes scalable yeast strains and fermentation techniques, leveraging food waste as a valuable resource. CEO and co-founder Alex Neves emphasized that the investment from the Clean Growth Fund will facilitate the rapid scaling of their technology platform and accelerate progress in regulatory and commercial endeavors. The goal is to establish a fully funded commercialization plan by the following year.
"We are delighted to be working with the Clean Growth Fund team, led by Beverley Gower-Jones, who is equally passionate about accelerating innovation to help address climate change and to create a healthier, more sustainable, global food system," he said.
Launched in May 2020 to support early-stage green innovators in the UK across areas such as energy, buildings, transport, agriculture, waste, and water, the Clean Growth Fund has invested in 17 British companies.
Beverley Gower-Jones, founder and managing partner of the £101m venture capital firm, said the Clean Food Group boasted an "impressive team with a broad set of skills and has established several significant industrial partnerships."
"Backed by a strong technical base, Alex Neves and his team are well placed to commercialise the manufacture of palm oil substitutes and therefore reduce the reliance the food industry has on the production of palm oil, an industry which is one of the main drivers of deforestation and a major contributor to global CO₂ emissions," she said. "We are very pleased to support CFG's development and growth."