Geltor, a US-based collagen protein developer backed by agribusinesses Archer Daniels Midland and Wilbur-Ellis, is aiming to raise between $50m and $100m in series B funding, TechCrunch reported on Friday.
Founded in 2015, Geltor is working on cultured proteins, with an initial focus on collagen and gelatin – two additives that serve as thickening agents in food and cosmetics but are currently sourced as a byproduct of meat production.
The capital would allow Geltor to scale its manufacturing capabilities, following the signing of a collaboration agreement with collagen supplier Gelita last month. Reportedly worth nine figures, the deal will see the two companies launch animal-free collagen by the end of 2020.
Geltor secured $18.2m in a series A round in October 2018 from ADM Ventures and Cavallo Ventures, respective corporate venturing divisions of Archer Daniels Midland and Wilbur-Ellis, as well as lead investor Cultivian Sandbox Ventures and Box Group.
Fifty Years, Stray Dog Capital, SOSV and New Crop Ventures reportedly also took part in the series A round, which brought Geltor’s total funding to $23m. The company’s shareholders also include FTW Ventures.
