Standing Ovation has raised €30 million in a Series B funding round to grow its dairy protein business. So the company specializes in producing milk proteins without animals.
Of this, €25 million stemmed from equity fund-raising. The round was led by Ecotechnologies 2, managed by Bpifrance as part of the France 2030 program, in addition to Crédit Mutuel Innovation. Other existing investors like Astanor, Bel Group, Seventure Partners, GoodStartUp and Big Idea Ventures participated as well. New investors included Danone Ventures, Angelor, Newtree and Noshaq. €5 million was also raised through non-dilutive funding from Bpifrance and banking partners.
Founded in late 2020 and based out of Paris, Standing Ovation creates dairy proteins through precision fermentation. Its flagship item, Advanced Casein®, aims to replicate the flavor, feel and nutrition of natural casein, which is a significant protein in milk.
He uses fermentation to convert raw materials such as sugar and milk whey into protein. These materials tend to be underutilized in the food system. That process helps form casein, which constitutes roughly 80 percent of milk protein and is critical to dairy plasticity and stability.
The company’s technology is protected by patents and seeks to provide a scalable way of producing dairy proteins without livestock.
The world is seeing increasing demand for protein. (A big increase is expected by 2050.) Meanwhile, farming is under pressure from climate change and resource constraints. In Europe, decreasing livestock numbers and shifting weather patterns could lead to reduced milk availability in the future.
These challenges are creating interest in new ways to produce protein. One approach is precision fermentation. It enables production of protein without traditional farming — requiring less land, water and energy to do so.
Investors say the company’s method can help lower emissions in the dairy industry. They also believe there is value in converting by-products such as whey into useful ingredients.
Its leadership team says the aim is to develop a more sustainable and circular food ecosystem. They are using science and dairy know-how to help satisfy increasing demands while fostering food security for the long haul.
The new funds will support the company’s advancement of Advanced Casein® towards market. North America will be the primary focus, with Europe and Asia to follow.
Rather than establishing its own factories, the company intends to collaborate with fermentation partners. It will cut down expenses and accelerate manufacturing. It will also pursue research, partnerships and growth in the alternative protein field.
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