NovoNutrients raises $18 million in Series A

The company plans to implement an asset-light strategy that includes licensing and strategic partnerships.

NovoNutrients closed $18 million in Series A financing, including $10.3 million in new capital and the conversion of $8 million in previously issued SAFEs.

The round was led by Woodside Energy, a global energy company, and co-led by CM Venture Capital, an advanced/sustainable materials investment firm. Other participants include SOSV’s IndieBio and Decarbonization Consortium, Happiness Capital, The Jeremy and Hannelore Grantham Environmental Trust, and Audacy Ventures. The round is targeting additional closes totaling $23 million.

NovoNutrients’ process captures industrial CO₂ emissions and combines them with hydrogen to produce Novotein™, a nutritious and environmentally friendly protein ingredient. NovoNutrients plans to pursue an asset-light strategy that includes licensing and strategic partnerships.

The Series A funding will support NovoNutrients’ industrial pilot program, team growth and commercial partnerships. NovoNutrients has already entered into Technology Development Agreements (TDAs) in the energy and nutrition sectors, including a TDA with Woodside Energy in 2023.

“This investment brings us closer to realizing our vision of a world where industrial emissions are converted into vital nutrients for a growing population,” said David Tze, CEO of NovoNutrients.

Novotein™ has demonstrated its nutritional excellence and versatility in animal studies and compares favorably with traditional and new protein alternatives. Potential applications for Novotein™ range from pet food to aquaculture to plant-based alternatives for human consumption. This versatility helps meet the growing global demand for cost-effective, sustainable protein sources in numerous markets.

“With this Series A funding, NovoNutrients is well positioned to accelerate its growth and quickly become a leader in CCU technology enabling sustainable protein ingredients,” said Min Zhou, Managing Partner of CM Venture Capital. “Their forward-thinking approach aligns with our focus on renewable carbon, advanced material science and hard-tech innovations. We have great confidence in the NovoNutrients team’s ability to execute on their ambitious vision.”

This Series A financing round represents an important milestone for NovoNutrients in the further development of its technology. With the support of its investors and partners, the company is poised to make significant contributions to global food security and the decarbonization of the industry. By expanding its technology and partnerships, NovoNutrients aims to become a leading provider of sustainable protein ingredients and a key player in the global transition to a lower carbon economy.