PeelPioneers, a Netherlands-based developer of orange peel recycling technology, has secured €10m ($11.8m) from a consortium including financial services firm Rabobank, Nordic 9 has reported.
The round includes European Circular Bioeconomy Fund, which is backed by the European Union-owned European Investment Fund, as well as state-owned development vehicles Brabant Development Agency and National Green Fund.
Doen Participaties, a subsidiary of philanthropic agency Doen Foundation, also took part in the round.
Founded in 2016, PeelPioneers has created an industrial process that converts materials extracted from orange peels to food, cosmetic and detergent ingredients. Its first production facility is situated in the Dutch village of Son and it expects to add five more plants around Europe starting from 2021.
PeelPioneers attracted an undisclosed amount of financing from Doen Participaties in 2017. It added $1.2m from Doen Foundation, financial services firm ABN Amro and De Bom Brabant Ventures in June 2018.