American biotech companies receive $36 million in investments

NovoNutrients has raised $18 million (€16.4M) in a Series A funding round led by energy firm Woodside Energy and sustainable investment company CM Venture Capital.

The injection includes $10.3 million (€9.4M) in new capital and $8 million (€7.3M) in SAFEs (simple agreement for future equity). The round targets an additional $23 million (€21M).

NovoNutrients formulates its protein ingredient by combining carbon dioxide emissions with hydrogen. CEO David Tze confirms to GlobalPETS that the product is being developed as a “high-performance bulk protein ingredient for pet food.”

The product offers 73-82% protein content and is formulated in a powder format for use in dry kibble, wet food and treats. It has received regulatory approval for application in animal feed in Japan.

The funding will be used to expand pilot projects, enhance technological capabilities and prepare for market entry. A portion of it will be “dedicated to advancing… pet food applications.”

The company will start dog and cat feeding trials with a global pet food manufacturer later this year. It has also received a Letter of Intent (LOI) from a “top global animal nutrition producer” to become an off-taker for NovoNutrients’ large commercial-scale plant production.

Digestiva banks $18.4 million

Sugarcane giant Magdalena led Digestiva’s $18.4 million Series A financing round, joined by UC Investments and existing investors The March Fund and Astanor.

The funds will be used to commercialize its proprietary protease enzymes, which are aimed at enhancing protein bioavailability in pet food markets, among others.

John Melo, CEO of Digestiva, expressed his gratitude to the investors. He added that they are excited to manufacture their own enzymes, ensuring both cost efficiency and long-term supply security for their customers.