Canadian start-up raises funding in Series B financing round

Canadian start-up company Noblegen has secured funding in the in a Series B financing round that was led by Richardson Ventures and BDC’s Cleantech Practice.

The company raised C$25m ($18.4m), which will be used to enhance its production capabilities and bring its ingredients to market.

Noblegen chairman and CEO Adam Noble said: “Noblegen is extremely excited to begin on its next stage of growth.

“Both Richardson Ventures Inc and BDC share our vision to transform the global ingredients market by producing raw materials that are both healthy for consumers and healthy for our planet.

“We are incredibly proud to work with investors who are aligned with our strategy and dedicated to developing our business in Canada.”

Established in 2013, Noblegen is an advanced ingredients company, which produces protein, carbohydrate and oil ingredients from a single micro-organism called Euglena gracilis.

Noblegen employs more than 50 people at its facility in Peterborough, Ontario, and is planning to increase its workforce by the end of this year.

In 2016, the Canadian ingredients startup raised capital in a Series A financing round. Combined with the latest funding, the company has raised $42.5m.

Richardson Ventures is an investment subsidiary of James Richardson & Sons, while BDC promotes Canadian entrepreneurship with a focus on small and medium-sized businesses.

Richardson & Sons vice-president and chief financial officer Don Solman said: “Richardson Ventures Inc is pleased to be a lead investor in Noblegen’s quest to redefine the future of nutrition.

“We share Noblegen’s values in producing food and food ingredients that are both nutritionally and functionally beneficial.

“We are delighted that our investment will support the commercialisation of Noblegen’s products, continue its research and development, and grow its production and refining capacity in order to meet the global demand for sustainable and affordable food.”

Noblegen is planning to launch its ingredients in the US market this year.