NoPalm Ingredients, a Wageningen, the Netherlands-based biotechnology company producing yeast oils, raised €5M in Seed funding.
The round was led by Rubio Impact Ventures, with participation from Fairtree Elevant Ventures, Oost NL, Willow Capital Investments, and The Netherlands Enterprise Agency (RVO).
The company intends to use the funds to accelerate its mission to provide a local, circular, and sustainable solution for the global palm oil market.
Founded in 2021 by Lars Langhout and Professor Dr. Jeroen Hugenholtz, NoPalm Ingredients aims to address the environmental and supply chain challenges of conventional palm oil, which is found in 60% of supermarket products. The company employs a fermentation process using non-GMO proprietary yeasts combined with a patented low-capex technology. This process transforms upcycled, locally-sourced agri-food sidestreams, such as potato peels and whey permeate, into yeast oils.
NoPalm has proven their oil quality with pilot partners including industry giants Colgate-Palmolive, Unilever, and Zeelandia.
After a pre-seed round in 2022, It has developed an in-house pilot line producing kilograms of oil per batch and completed pilot projects with companies like Colgate-Palmolive, Unilever, and Zeelandia.
FinSMEs
24/07/2024