Geltor, a bio-design company that develops high-value, animal-free, GMO-free proteins, announced it has successfully closed on an $18.2 million Series A led by Cultivian Sandbox Ventures. The round was also backed by GELITA, a global supplier of collagen proteins; ADM Ventures – Archer Daniel Midland’s (ADM’s) venture investment unit; Cavallo Ventures; and Box Group; and included Seed investors Stray Dog Capital, Fifty Years, and New Crop Ventures.
This round lifts the company’s total funding raised to $23 million since its founding under the name Gelzen in 2015 by Alexander Lorestani, who while at Rutgers University studied medicine and bacterial pathogenesis, and molecular biologist Nick Ouzounov.
Located in San Leandro, California, Geltor has developed a proprietary bio-design platform that uses cellular and synthetic biology, protein optimization, and specialized fermentation processes to transform plant-based sugars into collagen proteins that can be customized for certain desired traits such as strength, flexibility, or firmness.
Many consumers are not aware that collagen is traditionally sourced from the skin and bones of livestock and fish, collagen is used to make gelatin, cosmetics, and is a foundation in leather. The collagen proteins made by Geltor align with growing consumer concern for animal welfare, demand for vegan food choices, while also circumventing issues of needed to meet halal or kosher standards.
“The industry standard for proteins right now is to use factory-farm waste to mimic the process our bodies make naturally. This method works at a base level, but it’s harmful to animals, the environment, and it doesn’t leverage the true power or benefits of collagen,” said Alexander Lorestani, CEO of Geltor.
The collagen produced by Geltor is identical to that made from animals, but now offers manufacturers a channel by which to eliminate these animal-based ingredients, which have often proven difficult to substitute with satisfactory results.
“At Cultivian Sandbox, we focus on identifying companies reinventing the food and agriculture industry with technology, and Geltor is doing just that,” said Dan Phillips, managing director at Cultivian Sandbox Ventures. “With a team of experienced and passionate PhD scientists behind it, and a unique, science-first approach, the company is pioneering a new industry standard for protein creation and we’re excited to be their partner on this journey.”
The company’s first consumer product, N-Collage, is a bio-designed, clinically tested collagen that is the first-ever completely vegan and certified halal collagen technology engineered for skincare, and is the winner of the 2018 CEW Beauty “Innovation of the Year” award.
The company plans to use the capital from this round to expand its product lines, to continue to develop new category-defining ingredients, and to support the entry of its collagen into the food industry by 2020, making it one of the first such products to be so commercialized.
-Lynda Kiernan
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