Standing Ovation Raises €3.75M for Fermented Casein, Eyes 2025 USA Launch with New CEO
Summary
The funds will accelerate the companys growth and the distribution and sales of its flagship protein ingredient Advanced Casein in the USA in 2025.This new capital adds to the 12 million secured in the original round, led by Astanor Ventures in 2022. The Paris-based startup has also received 3 million in funding from the French government and Bpifrance to accelerate the production of its fermented caseins, bringing the total raised by the company to 23 million in just four years.Laetitia de Panafieu, the Astanor representative on Standing Ovations Supervisory Board, commented, We are proud to support Standing Ovation, the only player mastering fermentative casein production, which will soon produce on an industrial scale to meet the needs of the agri-food industry and consumers.It is worth noting that in the first half of 2024, the fermentation sector in Europe exceeded its total funding for the entirety of 2023, reaching an impressive 164 million.The Paris-based startup also announces the appointment of Yvan Chardonnens as CEO to achieve its ambitious development goals.A high-level executive with 30 years of experience in the international development of large B2B companies, Chardonnens will enable Standing Ovation to scale its production to an industrial level. Before joining, Chardonnens held important roles at Oterra, Swiss giant Firmenich, and International Flavors & Fragrances (IFF), where he managed various global categories for Unilever in Europe and Asia. He has also taken executive positions at Barry Callebaut, an international chocolate leader, and plant-based ingredients specialist Roquette.Chardonnens shared, Under Romains leadership, Standing Ovation has accomplished key technological, operational, and financial milestones in just four years to be ready for its next phase of industrial-scale growth. Regarding sustainability, the French biotech claims Advanced Casein produces ten times fewer CO2 emissions and uses significantly less water and land.Standing Ovation states that it has become one of the few global references in fermented casein production and is already recognized as a strategic player for Frances dairy sovereignty.The multinational cheese leader Bel Group, famous for iconic brands The Laughing Cow, Babybel, and Boursin, acquired an equity stake and partnered with the young startup to produce animal-free cheese.