Phytolon raises $23.6 million Series B to scale natural food color production
Israeli biotech targets US market with fermentation-based alternatives to synthetic dyes.
Phytolon, a biotechnology company developing natural, fermentation-based food color solutions, has completed a $23.6 million Series B funding round aimed at commercializing its natural food colors in the United States. The company has raised a total of $43.6 million to date.
The round was led by an undisclosed strategic investor. Existing investors include NextGen Nutrition Investment Partners (NGN), Millennium Foodtech, Colorcon, and Yossi Ackerman. The financing was structured in three tranches, with the bulk of the capital raised in the final closing earlier this month.
The company was founded in 2018 within the Trendlines incubator, in collaboration with the Weizmann Institute of Science’s technology transfer arm, together with entrepreneurs Dr. Halim Jubran (CEO) and Dr. Tal Zeltzer (CTO). Trendlines and its major shareholder, Consensus Business Group, wholly owned by Vincent Tchenguiz, are significant shareholders in the company.
Dr. Halim Jubran, CEO and co-founder of Phytolon, said: “The new funding will support scaling sales and supply to consumer packaged goods companies and distribution partners in the US and abroad. We are encouraged by the growing number of strategic investors, which will help us expand Phytolon’s market presence.”
The funding follows regulatory approval from the US Food and Drug Administration (FDA) for Beetroot Red, the first product in the company’s portfolio produced through the fermentation of baker’s yeast. The approval opens the door to a wide range of applications, including confectionery, dairy, beverages, sauces and condiments, and pharmaceuticals.
Phytolon has several strategic partners, including DSM Venturing, Colorcon Ventures, Rich Products Ventures, and a long-standing collaboration with Ginkgo Bioworks. The company is also backed by investors such as The Trendlines Group, Consensus Business Group, Arkin Holdings, Cibus, and others.
