Startup Clean Food Group, which is developing a palm oil replacement, has raised an extra £2.3m in funding ahead of a Series A next year.
It follows a £1.65m round in August 2022, with the total invested into the food tech company now at £10m.
“The successful conclusion of this current funding round validates the important strides our business is taking in solving critical sustainability and supply chain challenges facing our food and cosmetic manufacturer customers,” said Alex Neves, CEO and co-founder of Clean Food Group.
Before its Series A, Clean Food Group anticipates its yeast alternative to palm oil will be ready for commercialisation and that there is a “clear line of sight to near-term revenue generation”.
The purpose of the Series A will be to finance the construction of a commercial manufacturing space.
Doehler Group and Alianza Team provided the capital for the London-based company’s top-up.
Neves added: “We are now in a great position to validate our technology at a commercial scale, advance our regulatory pathways and develop our growing list of commercial partners in advance of our Series A next year.”
Clean Food Group was established after eight years of research by its technical lead Professor Chris Chuck at the University of Bath.