NovoNutrients closed a USD 18 million Series A financing that includes USD 10.3 million in new capital and the conversion of USD 8 million in previously issued SAFEs.
The round was led by Woodside Energy, a global energy company, and co-led by CM Venture Capital, an advanced/sustainable material investment company. Other participants include SOSV's IndieBio and Decarbonization Consortium, Happiness Capital, The Jeremy and Hannelore Grantham Environmental Trust, and Audacy Ventures. The round targets additional closings for a total of USD 23 million.
NovoNutrients' process captures industrial CO₂ emissions and combines them with hydrogen to produce Novotein™, a nutritious and environmentally responsible protein ingredient. NovoNutrients' plans to utilize an asset-light strategy encompassing licensing and strategic partnerships.
The Series A funding will support NovoNutrients' industrial pilot program, team growth, and commercial partnerships. NovoNutrients has already secured technology development agreements (TDAs) in the energy and nutrition sectors, including a TDA entered into with Woodside Energy in 2023.
"This investment brings us closer to realizing our vision of a world where industrial emissions are upcycled into essential nutrients for a growing population," said David Tze, CEO of NovoNutrients.
Novotein™ has demonstrated its nutritional excellence and versatility in animal studies, comparing favorably to both traditional and emerging protein alternatives. The potential applications for Novotein™ span pet food, aquaculture, and plant-based alternatives for human consumption. This versatility helps to address the increasing global demand for cost-effective, sustainable protein sources across multiple markets.
"With this Series A financing, NovoNutrients is well-positioned to accelerate its growth and quickly become a leading supplier of CCU technology that enables sustainable protein ingredients," said Min Zhou, managing partner of CM Venture Capital. "Their leading-edge approach aligns with our focus on renewable carbon, advanced materials science and hard-tech innovations. We have great confidence in the NovoNutrients team's ability to execute their ambitious vision."
This Series A round marks a significant milestone for NovoNutrients as it advances its technology. Supported by its investors and partners, the company is poised to make substantial contributions to global food security and industrial decarbonization. As NovoNutrients expands its technology and partnerships, it aims to become a leading provider of sustainable protein ingredients and a key player in the global transition towards a lower carbon economy.
