Noblegen, Inc., a Peterborough, Ontario, Canada-based advanced ingredient startup, secured CAD $25m in Series B financing.
The round, which brought total funding to date to $42.5m, was led by Richardson Ventures Inc., a subsidiary of Canadian holding company James Richardson & Sons, Limited (JRSL), and BDC’s Cleantech Practice.
The company intends to use the funds for the commercialization of its products, continue its research and development, and grow its production and refining capacity.
Founded in 2013 by CEO and Chairman Adam Noble, Noblegen is an advanced ingredients company that makes protein, carbohydrate, and oil ingredients from a single microorganism called Euglena gracilis.
The company currently employs over 50 people at its Peterborough, Ontario location and plans to launch its ingredients in the U.S. in 2019.