Standing Ovation Nets €3.75M, Hires New CEO to Launch Animal-Free Casein in 2025
Summary
Chardonnens is a seasoned C-suite executive who has worked at large firms like Oterra, Firmenich, IFF, Unilever, Barry Callebaut, and Roquette.I am excited to be joining such an innovative company at the forefront of its sector, with the potential to have a positive impact on our food ecosystems and deliver solutions to climate challenges, Chardonnens said.Standing Ovation is tackling casein, which makes up 80% of the protein content in milk and is responsible for many of the functional properties that make dairy desirable like the melty and stretchy nature of cheese, or the creamy texture of ice cream. Its technology and manufacturing processes are protected by seven patent families and have allowed it to establish strategic partnerships with prominent dairy players.Our caseins have the ability to provide essential functionalities such as foaming, thickening, curdling, stretching, as well as meeting taste objectives, Chayot told Green Queen earlier this year, noting that the product can be used in products like animal-free cheese, yoghurt, ice cream, milk, and protein bars.Advanced Casein, as the company calls it, is said to be a highly efficient solution to dairys climate footprint. According to an independent life-cycle assessment by Standing Ovation, its casein generates 94% fewer greenhouse gas emissions than its conventional counterpart, and enables the industry to make much better use of water and land.The startup is finalising preparations for industrial-scale production by the end of 2024. Some like New Culture, Change Foods, Fermify, Foodtive Group, and Zero Cow Factory are similarly using precision fermentation, others are taking the molecular farming route (Alpine Bio, Finally Foods and NewMoo), and others (such as Pureture) are using yeast.So far, New Culture is the only startup to have cleared the regulatory barriers for precision-fermented casein, achieving self-determined Generally Recognized as Safe (GRAS) status in the US.This is something Chardonnens also referenced, saying: Our priority will be to step up our development by obtaining the necessary regulatory approval, strengthening our go-to-market strategy, and embarking on large-scale industrial production.He praised Chayots leadership, under whom the company hit key technological, operational and financial milestones, paving the way for the next phase of industrial-scale growth.Chayot, now the managing director of the business, said Chardonnens has a pioneering reputation in developing new products that meet both industrial challenges and consumer demand. He added: Our respective areas of expertise are a perfect fit, and will enable Standing Ovation to become the global leader in alternative proteins and a key player in the food transition.The Series A+ round comes amid a flurry of investments into fermentation startups in Europe, which have raised twice more money than plant-based and three times as much as cultivated meat companies this year.