Belgian food-tech business Paleo has raised €2 million to accelerate the commercial expansion of its animal-free heme proteins.
Using precision fermentation in yeast, the company produces non-GMO myoglobins. These proteins occur naturally in animal muscle and help deliver the colour and flavour associated with meat.
Paleo supplies ingredients to alternative protein manufacturers, including plant-based meat and seafood producers. Its solutions are developed to enhance taste, aroma and nutritional performance.
The financing was led by food-tech venture capital investor Beyond Impact. Paleo plans to use the funds to finalise its regulatory submission in North America and expand collaboration with commercial partners.