US-based collagen protein developer Geltor has secured $18.2m in a series A round that included corporate venture capital units ADM Ventures and Cavallo Ventures.
The units, subsidiaries of agribusinesses Archer Daniels Midland and Wilbur-Ellis respectively, joined Cultivian Sandbox Ventures, which led the round, and Box Group.
Founded in 2015, Geltor is using a sustainable fermentation process to develop designer proteins for use in consumer products. It is initially focusing on collagen, which is currently sourced from the bones and skin of farm animals.
Geltor CEO Alexander Lorestani said: “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 is harmful to animals, the environment, and it does not leverage the true power or benefits of collagen.
“Geltor’s Designer Collagens deliver better functionality for consumers, a robust supply chain for businesses, and a sustainable alternative for our planet. They are proteins we can be proud of, and I am so excited to see the world’s biggest consumer companies choosing Geltor as their sustainable protein partner.”
The company has now raised a total of $23m, it said. AgFunder News reported that existing backers Fifty Years, Stray Dog Capital, SOSV and New Crop Ventures took part in the series A round, but this was not confirmed by Geltor. Its earlier investors also include FTW Ventures.
