Geltor has announced the closing of a $91.3 million Series B financing that will fuel the global expansion of its ingredients-as-a-service platform. The funding round aims to meet accelerating demand from global consumer packaged goods (CPG) companies for sustainable, functional, and 100% animal-free ingredients. The round was led by future protein pioneer CPT Capital, with a significant commitment from WTT Investment. The Series B round brings the total funding raised for Geltor to $116.3 million to date.
Since 2015, the California-based firm has proven its biodesign technology for large and growing global CPG segments, including cosmetics and personal care, nutraceuticals, and the food and beverage industries. Over the past year, global demand for collagen grew by 25%, and Geltor saw sales surge for its first products, animal-free collagens like HumaColl21 and Collume.
“Our goal is to make it ridiculously easy for iconic brands to build sustainable products,” said Alex Lorestani, Geltor CEO and co-founder, in a press release. “This next stage of growth will allow Geltor to meet the moment our world is facing, as businesses recognize the urgent need to transition to a sustainable protein supply chain.”
“Having established the success of our biodesign platform, we are now able to work even more closely with customers to develop unique, tailored bioactive ingredients for their specific product needs. We’ve only scratched the surface of what our technology can unlock for our clients at unprecedented speed,” added Nick Ouzounov, chief technology officer and co-founder.