Novo Holdings leads €22 Series A investment in The Protein Brewery, an innovative developer of protein-rich food ingredients

COPENHAGEN, Denmark, Nov. 3, 2020 /PRNewswire/ -- Novo Growth, the growth equity arm of Novo Holdings, an investment and asset management company, today announced it has led a €22 Series A investment in The Protein Brewery, an innovative developer of protein-rich, animal-free food ingredients.

Based in the Netherlands, The Protein Brewery was founded in January 2020, resulting from a demerger of BioscienZ, an industrial biotechnology company developing new technologies based on microbial fermentation as a core competence. It was founded in 2010 by Wim de Laat, a molecular scientist with over 30 years' experience in industrial fermentation. The Series A funding will enable The Protein Brewery to continue its R&D activities, cover operational costs as well as scaling up production of its flagship product Fermotein™.

Due to its innovative nature, the Fermotein™ product requires regulatory approval for application as a food ingredient. The Protein Brewery is already in the application process for the US and European markets, with regulatory approval anticipated in 2021 in the US and 2022 in Europe.

Thomas Grotkjær, Principal at Novo Holdings, stated: "Integrating alternative proteins that successfully deliver on sustainable development goals is essential to feed a growing world population while taking care of the future of our planet and its people. The Protein Brewery meets the criteria investors seek in this space: the state-of-the-art quality, which is superior to all current options in the marketplace. Fermotein™ has a strong nutrition and sustainability profile and can be applicable to a wide range of high-demand products. With it, the company is well positioned to enter a €30 billion-plus market for alternative proteins. This investment underscores Novo Holdings' commitment to supporting companies that translate biotechnological research and innovation into commercial solutions. We look forward to contributing to the growing commercial success of the company with Wim, his team and our fellow investors."

Wim de Laat, founder of The Protein Brewery, commented: "Providing food for a population of ten billion people by 2050 demands alternative scenarios. It is an important driver in our mission to contribute to a more sustainable world, developing novel ways of producing food proteins. The financial support and domain expertise of our investors will help us take the next important step and move towards the realization of a pilot plant, demonstrating the process, the properties and benefits of our innovative and nutritious food ingredient. It is paramount in the development of our company to continue the journey with committed shareholders who share the know-how, drive and enthusiasm for producing natural based food. We are delighted that Novo Holdings, one of the world's preeminent investors in biotechnology, recognises the potential of our technology to transform the food industry."

Thomas Grotkjær of Novo Holdings will join the Supervisory Board alongside the other Series A investors, Edouard Nuttin of Roquette Ventures and Kim Odhner of Unovis Asset Management, joining Wim de Laat and existing investors.

About Novo Holdings A/S

Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies.  Novo Holdings also manages a broad portfolio of diversified financial assets. Further information: http://www.novoholdings.dk

About The Protein Brewery BV

The Protein Brewery (TPB), an innovative developer of protein-rich food ingredients, replacing animals in the food chain, was founded in January 2020 as a demerger of BioscienZ BV and is in the process of commercializing protein products made by fermentation technologies. The company has access to a broad toolbox including Molecular Biology, Fermentation, Analytical tools and Down Stream Processing technologies. TPB is headquartered in Breda, the Netherlands, working with a team of 20 professionals. Further information: www.theproteinbrewery.nl

Sustainable characteristics

Fermotein™ production technology comprises a unique combination of The Protein Brewery's proprietary microorganisms ('fungi') combined with a highly cost-effective and easy-to-operate brewing process. It has resulted in a food ingredient with an excellent nutritional profile and an amino acid composition similar to conventional meat. With Fermotein™'s unparalleled characteristics, such as using only 1% of land, 3% of CO₂ and 5% of water compared to the use of land and water in the beef industry, it has one of the lowest ecological footprints of all proteins - animal-based and animal-free. Fermotein™ can be produced from a large variety of globally available, carbohydrate-rich, water-efficient and non-allergic crops such as casava, corn, potatoes, sugar beet and sugar cane, allowing for commercialization around the globe. Local production of proteins from local crops is a key competitive advantage to offer sustainable proteins on the market.

SOURCE Novo Holdings