The food tech revolution continues to gain momentum, with the latest development being French startup Standing Ovation’s successful Series A funding round. The company has raised an impressive €12 million ($12 million) in a bid to develop an animal-free casein for use in cheese production.
What is Casein?
For those who may not be familiar, casein is a protein found in dairy products that constitutes around 80% of cow milk. It’s also responsible for giving milk its white appearance and plays a crucial role in the nutritional content, smell, and physical properties of cheese. The lack of casein in vegan cheese alternatives has been a major stumbling block for the industry, which was valued at $2.5 billion in 2021.
Standing Ovation’s Breakthrough
Founded in Paris in 2020, Standing Ovation uses precision fermentation to recreate caseins in a lab setting. This process involves microorganisms that produce proteins identical to those found in animal milk. The company’s goal is to create cheese alternatives that are indistinguishable from their dairy counterparts.
The Importance of Casein
Eric Archambeau, co-founder of Astanor Ventures, which led Standing Ovation’s investment, emphasized the significance of casein: "Casein is the holy grail for the production of alternative options that match conventional products in nutrition, taste and texture, yet it has remained notoriously difficult to create."
The Food Tech Revolution
Standing Ovation is not alone in its pursuit of developing sustainable and animal-free food alternatives. Other companies like Israel’s Remilk and San Francisco-based New Culture are working on similar solutions. The trend towards lab-grown meat and seafood is also gaining momentum, with companies like Cultivated Biosciences pushing the boundaries of vegan-friendly foods.
The Rise of Veganism
The vegan food market has grown exponentially in recent years, reaching a valuation of $27 billion last year. Investors are eager to capitalize on this trend, with dedicated VC funds for food tech startups emerging in both France and London.
Standing Ovation’s Future Plans
With its Series A funding, Standing Ovation is well-positioned to accelerate product development and R&D. The company expects to enter the commercialization phase in 2024, bringing its innovative cheese alternatives to market.
The Challenges Ahead
While Standing Ovation has made significant progress, the road ahead will be challenging. The company must navigate stringent regulatory processes in each market it plans to enter. This requires substantial resources and funding to ensure that products meet the required standards.
Conclusion
Standing Ovation’s achievement is a testament to the power of innovation and collaboration in the food tech industry. As consumers increasingly demand sustainable and animal-free alternatives, companies like Standing Ovation are at the forefront of this revolution. With its €12 million investment, Standing Ovation is poised to make a significant impact on the market and contribute to a more environmentally friendly future.
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