Phytolon Secures Substantial Funding Toward Launching Innovative Natural Food Colors
Summary
YOKNEAM ILLIT, Israel, Oct. 5, 2023 /PRNewswire/ -- After hitting fundamental milestones since the last financing round, Phytolon secures additional funding to support its commercial activities toward the first launch of its natural food colors (made by fermentation) in the food and beverage markets.The investors include Nextgen Nutrition Investment Partners (NGN) supported by Dunedain Ventures. Phytolon has also commenced an in-house facility for production and supply at a pilot scale and enriched its in-house capabilities for developing and scaling natural ingredients by fermentation.Phytolons CEO, Halim Jubran, commented on the transaction: "Due to the progress that we have made in the last two years, we are gaining more and more trust from top players in the global F&B industry, now perfectly demonstrated by the latest investments. We are excited to welcome our new partners, NGN, and strengthen our partnership with EIT Food and Mr. Steve Dubin, who have played crucial roles in the companys growth and success. Andrew Towle and James Cali are experienced executives with over 60+ years of managerial and operational experience in the food and beverage industry at firms such as Kraft/Mondelez, Kelloggs, P&G, Heinz, and Cadburys. We unlock innovation potential in businesses and universities and create and scale agrifood startups to bring new technologies and products to market.