Foodtech startup closes €12M Series A financing round

Date: 14.09.2022Source: STANDING OVATION

STANDING OVATION announced today a Series A financing round of €12 million led by Astanor Ventures, with the participation of Peakbridge, Seventure Partners, Big Idea Ventures, Good Startup, and of a leading player in the food industry. This round, completed less than 2 years after its creation, will be used to finance the next phase in the company’s development and scale its technology to meet industrial demand.

The round, initially planned for a total of €10M, but oversubscribed up to €12M, will enable the company to finance its growth, and in particular to bring casein production process to industrial scale, to perfect its products and to initiate the regulatory process, while continuing to develop its R&D activity to create new products and formulations.

Said Frederic Paques, CEO, Standing Ovation: “Standing Ovation’s technology has a tremendous potential. However, bringing the products rapidly to the market requires significant resources, and substantial funding had become necessary. Astanor Ventures, which had already supported us at an earlier stage, understood it as did the other participants in this round. We would like to thank all our investor partners for their support and their confidence in the team.”

Added Romain Chayot, Scientific Director, Standing Ovation: “In only two years, we have developed a unique and highly technological process. We are now in a strong position to build on this momentum and transition towards more logistically intensive stages, especially scaling up.”

Concluded Eric Archambeau, co-founder, Astanor Ventures: “Standing Ovation’s technology represents a paradigm shift for the animal-free dairy market. Casein is the holy grail for the production of alternative options that match conventional products in nutrition, taste and texture yet it has remained notoriously difficult to create. The founders’ experience in biotechnology enabled them to find the key to casein development, a step ahead of many companies. We are greatly impressed by the team’s advancements over the past year both in product and process development and are excited to support them in this next step of their journey.”  For more visit standing-ovation.co/

David Cox / IDM

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