Geltor, a US-based collagen protein developer backed by agribusinesses Archer Daniels Midland and Wilbur-Ellis, has raised $90m in series B funding, people familiar with the matter told TechCrunch on Friday.
The company declined to comment on the news and it is unclear who the investors are.
Founded in 2015, Geltor is working on collagen and gelatin created through cell-derived protein brewed in a fermenter, rather than being animal-based. Collagen and gelatin are common additives used as thickening agents in food and cosmetic products.
Geltor was reported to be looking for up to $100m in series B capital in November 2019. That same report suggested Geltor was set to use the money to scale its manufacturing capabilities after it inked a collaboration deal with collagen supplier Gelita.
The company has now raised $113m in funding altogether. ADM Ventures and Cavallo Ventures, respective corporate venture capital units of Archer Daniels Midland and Wilbur-Ellis, contributed to an $18.2m series A round in late 2018.
The series A round was co-led by Cultivian Sandbox Ventures and Box Group, and reportedly also featured Fifty Years, Stray Dog Capital, SOSV and New Crop Ventures. Geltor’s early backers also include FTW Ventures.
