- Paleo raises 2 million euros in the seed cycle for meat and fish proteins created by precision fermentation, the investment will finance an R&D center, a pilot plant and an experience center.
Belgian foodtech startup Paleo, a company working on the development of proteins created by precision fermentation for use as alternatives to meat and fish, raised two million euros in a fundraising round.
The company says its mission is “to change the way we produce food, making it more sustainable, healthier and more animal-friendly.” Through bioscience, we are developing ingredients for plant-based foods, giving them the taste, feel and appearance of real meat or fish.
Led by the former CEO of politician Hermes Sanctorum, the company says the seed money will be used to continue its research and development, and to design an R&D center, pilot plant and experience center. The planned â¬40 million Series A will finance the construction of these facilities.
Six key proteins
Paleo says it is working on developing the production process for six key proteins in meat and fish and is expanding its portfolio. While most of the precision fermentation companies are based in the United States, Paleo claims to be the European pioneer in precision fermentation for meat and fish proteins. When these proteins are ready to market, they will be added to plant-based meat and fish substitutes to increase sensory experience and nutritional value.
Hermes Sanctorum comments: âWe are driven by ethical concerns. Proteins from meat and fish, as produced today, have a huge impact on animals and ecosystems. And that is not improving: global animal consumption continues to increase. We are developing food technology to produce meat and fish protein sustainably and without animals. Values ââand technology can change the world.
Andy de Jong, co-founder and COO of Paleo, adds: âIt is encouraging to see that there is so much interest in what Paleo is developing. European and American investors are contacting us in order to accelerate our R&D. It shows that there is room for positive change in the food industry.