Agronomics has invested £0.7 million in fermentation-derived palm oil company Clean Food Group (CFG) as part of a £2.3 million Pre-Series A funding round. Other notable co-investors include industrial food specialists Doehler Group and Alianza Team. Agronomics previously invested £900,500 in CFG in June 2022. The capital raised from this funding round will enable CFG to accelerate the scale-up of its technology platform and support the construction of a new manufacturing facility in the UK. CFG produces palm oil using a non-GMO microorganism, which is already being used on an industrial scale in the wine industry, making the regulatory pathway in the UK and EU less stringent.
Jim Mellon, Executive Director of Agronomics and Co-Chairman of CFG, commented: "This fundraise marks an important milestone for Clean Food Group in the mission to drive transformative changes across the food industry by providing an alternative to palm oil in food and cosmetic production. This funding takes CFG a step closer to commercialization as we continue to unlock the potential for a future where our food choices will be more sustainable."
Clean Food Group has raised a total of £10 million to date to develop its sustainable oils and fats technology. The funding will support the company's efforts to validate the technology at a commercial scale and build a commercial-scale manufacturing facility. Clean Food Group has also signed collaboration agreements with Doehler Group and Alianza Team to scale its fermentation process and manufacture product batches required for regulatory approval for cosmetics and food applications. The company has recently strengthened its operational team with the hires of Dr. James Mercer as Head of Manufacturing and Scale-up and Andrea Cattaruzza as Head of Product.