Danish biotech company Chromologics has closed an extended seed round by successfully raising EUR 7.1 million in equity from existing and new investors. The company specializes in producing innovative natural food colors, with Red® being the first product in their pipeline. Red® is pH- and temperature-stable, tasteless, water-soluble, and vegan. Chromologics has demonstrated the scalability of its fermentation process to an industrial scale, built a strong network of potential customers, and begun its regulatory approval program. Early results indicate cost-effective production, excellent product performance, and safe use of Natu. Investors that participated in the round include Novo Holdings, Nordic Foodtech VC, Danmarks Eksport- og Investeringsfond, Thia Ventures, Doehler Ventures, Synergetic, and Blue Horizon.
“We are thrilled to be able to accelerate our commercial development and welcome two new, strong investors, Doehler Ventures and Thia Ventures,” said Gerit Tolborg, CEO of Chromologics. “In particular, Doehler’s formal investment marks a new phase in our collaboration. We look forward to benefiting from their expertise as we develop commercial-scale production.”
Chromologics plans to use the funds to advance regulatory approval, establish a commercial production line, expand its portfolio towards additional colors, and progress on commercial execution. The company’s Chairman of the Board, Jarne Ellehollm, expressed excitement for Chromologics’ future, stating that they are “well equipped and ready for the next stage of their journey towards commercial success.” With their innovative and scalable natural food colors, Chromologics is poised to impact the food industry significantly.
Natural Food Colorants
The market for natural food colorants is growing rapidly as consumers increasingly seek healthier and more sustainable food options. Natural food colorants are derived from various sources, including fruits, vegetables, and spices, and are free from synthetic chemicals and additives. They are also known for being more stable and providing a more consistent color than their artificial counterparts.
According to a report by Grand View Research, the global market for natural food colorants was valued at USD 1.5 billion in 2020 and is expected to reach USD 2.5 billion by 2028, growing at a CAGR of 6.4% during the forecast period. This growth is driven by increased consumer awareness of the health and environmental benefits of natural food colorants and the growing demand for clean-label and plant-based products. The report also highlights that Europe is the largest market for natural food colorants, followed by North America and Asia Pacific, with the beverage industry being the largest application segment for these products.
Image provided by Chromologics