Announces Seed Round Led by Novo Holdings and Supported by Vækstfonden and Nordic FoodTech VC
Chromologics, which is developing innovative natural food colorants, has announced it has raised €1.9 M in seed financing led by Novo Seeds and supported by Nordic FoodTech VC and Vækstfonden. Chromologics just recently won the Business Acceleration Academy Award from the BioInnovation Institute in Denmark.
Chromologics, a spin-out from the Technical University of Denmark, is set to change how natural colorants are produced. The company has developed a fermentation-based color platform for production of ChromoColors, its high-performing and sustainable food colorants. The funds will enable Chromologics to accelerate the development and regulatory approval of ChromoRed, its flagship food colorant.
ChromoRed has the potential to be the first natural colorant that is exclusively produced by sustainable fermentation processes, instead of being extracted from plants or animals. Consumer awareness over food ingredients, the rise in veganism and the importance of more sustainable eating habits, has led to a re-evaluation of food manufacturing.
ChromoRed is targeting a very significant market opportunity in excess of $2 billion, in an area of high consumer and industry demand. ChromoRed’s unique performance has been validated by leading players in the industry, and Chromologics is in ongoing discussions with a number of commercial partners to expand the collaboration.