- Paleo raises €2M in seed round for meat and fish proteins created through precision fermentation, the investment will fund an R&D centre, pilot plant and experience centre.
Belgium based foodtech startup Paleo, a company working on the development of proteins created through precision fermentation to be used as in meat and fish alternatives, has raised two million euros in a seed round.
The company says its mission is to “change in how we produce food, making it more sustainable, healthier, and kinder for animals. Through bioscience we develop ingredients for plant-based foods, making it taste, feel and look like real meat or fish.”
Headed by former politician CEO Hermes Sanctorum, the company states that the seed capital will be used to continue its research and development, and to design an R&D centre, pilot plant and experience centre. The planned €40 million Series A will finance the construction of these facilities.
Six key proteins
Paleo states it is working on the development of the production process of six key proteins in meat and fish and is expanding its portfolio. While most precision fermentation companies are based in the US, Paleo claims it is 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 replacers to increase sensorial experience and nutritional value.
Hermes Sanctorum comments: “We are driven by ethical concerns. Meat and fish proteins as they are produced now, have a tremendous impact on animals and ecosystems. And it is not getting better: worldwide animal consumption keeps increasing. We develop food technology to produce meat and fish proteins in an animal-free and sustainable way. Values and technology can change the world.”
Andy de Jong, co-founder and COO of Paleo, adds: “It is encouraging to see that there is so much interest in what Paleo is developing. European and US investors are contacting us so we accelerate our R&D. It proves that there is room for positive change in the food industry.”