PETERBOROUGH, Ontario, June 22, 2017 (GLOBE NEWSWIRE) -- Today Peterborough based Noblegen announces the opening of its series B round of financing after the closing of a successful series A round that saw the firm raise $9.5 million in private investment.
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Founded in 2013, Noblegen is a groundbreaking bioproducts startup that manufactures algae-based proteins and oils for human nutrition. The budding biotech firm is able to address some of the most pressing industrial challenges using biologically inspired solutions.
The Funds raised in 2016 were used to build the company's first commercial scale production facility to meet the growing demand for sustainable and affordable food. These funds also allowed the firm to expand the size of their team from 4 to over 40 people, including two new executive positions, in order to further support its aggressive growth strategy.
Noblegen anticipates raising up to $50 million during this second round of financing which will close within the next six months. This new investment will be used to support the commercialization of Noblegen’s products, continue research and development, and to grow its production and refining capacity.
Noblegen will grow its sales team in order to effectively capture market share and become a leading industry ingredient supplier. Continued expansion of Noblegen’s research and development will support cutting-edge innovation in the food and beverage industry.
Noblegen’s innovative, sustainable and cost-efficient algae-based proteins and oils has the company poised to become a global leader in the biotechnology field. As a branded ingredients supplier solving industrial challenges, Noblegen has captured the interest of a variety of large food and beverage companies.
"Since our Series A round closed, we have de-risked our technology and created products that are ready for market. Our successful scale-up and market validation have greatly increased shareholder value.”
“We all know the world is in dire need for alternative approaches to human nutrition, and this need is being validated through consumer push-back against the major food and beverage companies. These large companies want to incorporate sustainable ingredients into their products, but they struggle to find options that meet their high-volume needs without sacrificing affordability. That is where Noblegen comes in, providing alternative, high-quality and price competitive solutions."
Contact: Scott Brown Communications & External Relations Noblegen Inc. 416-845-9478 Timothy Lam Shareholder Relations Noblegen Inc. 647-808-3899