Danone Backs Proteins Supplier Standing Ovation

Credit: Evgrafova Svetlana/ Shutterstock.com.

Danone has joined nan investors backing French startup Standing Ovation to “accelerate” nan commercialized rollout of its animal-free dairy proteins.

The finance from Danone Ventures, nan dairy giant’s task superior arm, was secured arsenic portion of Standing Ovation’s Series B round.

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Standing Ovation turns whey permeates into caseins done precision fermentation. According to nan company’s website, its flagship ingredient, Advanced Casein, is “identical” to dairy casein from livestock successful structure, sequence, and coagulation.

The macromolecule supplier raised $34.2m successful nan round, including $28.5m successful equity.

The equity raise was co-led by Bpifrance via its government-backed Ecotechnologies 2 money and Crédit Mutuel Innovation.

An further $5.7m successful non-dilutive financing was provided by Bpifrance and a banking syndicate.

Danone joined returning backers that included chap French dairy business Bel Group.

In a connection yesterday (31 March), Standing Ovation said it will usage nan costs to commercialise its proteins, starting pinch nan US, its superior market.

It will beryllium followed by rollouts successful Europe and Asia, opening astatine nan extremity of 2027.

Bel Group, nan proprietor of The Laughing Cow and Babybel brands, first invested successful nan macromolecule institution successful 2022 and signed an “exclusive partnership” to usage nan startup’s casein beverage macromolecule successful its replacement food portfolio.

Standing Ovation CEO Yvan Chardonnens and co-founder and managing head Romain Chayot said: “With nan support of leaders for illustration Bel and Danone alongside our business partners, our patented exertion is becoming nan focal constituent for an industry-wide displacement toward sustainable, high-performance proteins.

“Our ambition is to pioneer a new, circular, and sustainable attack to macromolecule accumulation to meet quickly increasing world demand. By combining technological invention pinch nan dairy industry’s expertise, we are bridging nan spread betwixt nan agri-food manufacture and heavy tech.”

Instead of investing successful its ain accumulation plants, nan Paris-based startup partners pinch established fermentation manufacturers.

The latest financing follows Standing Ovation’s €16m ($18.5m) Series A round.