Fundraising led by Hong Kong-based global venture firm Happiness Capital.
NovoNutrients, an alternative proteins company that uses industrial carbon dioxide emissions, cheap hydrogen and naturally occurring microbes to create proteins, announced a USD 4.7 million raise.
E2JDJ and Marinya Capital also joined the round, which included re-ups from SOSV’s IndieBio and the Grantham Environmental Trust. Other, earlier investors include Stanford Graduate School of Business Impact Fund, Purple Orange Ventures, and Joyance Partners.
Hong Kong-based global venture firm Happiness Capital have backed the world’s biggest insect farm project Ÿnsect. It has also invested in the Bill Gates-backed snthetic meat company Beyond Meat.
Silicone Valley-based NovoNutrients previously raised USD 4.3 million in venture backing. The company will use the project funding to complete its industrial pilot program, which captures CO2 emissions, at an oil and gas and/or cement-related a facility. Those projects position NovoNutrients to start raising a series A financing later this year.
Salmon feed supplier Skretting has been working with the start up since last year to help NovoNutrients’s path to “large-scale manufacturing and adoption is greatly smoothed and shortened”.
“NovoNutrients has taken major steps towards becoming one of the world’s biggest suppliers of innovative protein ingredients by 2030,” said Happiness Capital CEO Eric Ng.