Paleo, a food tech startup and precision fermentation company, announced that it has raised €12 million in a Series A investment round. The €12 million investment round was led by DSM Venturing and Planet A Ventures. Gimv, SFPIM Relaunch, Beyond Impact and Siddhi Capital also participated in the round.
Also Read: BinBin Acquires Dutch Rival Go Sharing
What Does Paleo Do?
Paleo was founded in 2020 by Andy de Jong and Hermes Sanctorum. Its aim is to produce key ingredients for plant-based meat and fish alternatives through precision fermentation technology. According to Paleo, their protein products are 100% identical to animal proteins and 100% GMO-free. While Paleo’s competitors in the same industry produce meat proteins through precision fermentation, according to Paleo, their final product is the only one considered non-GMO.
“The transition to a plant-based diet is crucial to achieving our net zero goals. Animal agriculture accounts for around 15 percent of total global emissions, while also causing biodiversity loss, water consumption and nitrogen and phosphorus pollution. With its innovative precision fermentation technology, Paleo has broken down the barriers to widespread adoption of plant-based meat alternatives. Its realistic taste and highly functional protein make it an attractive option for even the most skeptical consumers of meat and fish substitutes.”Jan Christoph Gras, Partner at Planet A Ventures