French Biotech Bon Vivant announces it has secured €15 million in an oversubscribed equity finance round led by Sofinnova Partners, Sparkfood, and Captech, for precision fermentation-derived whey and casein proteins for the B2B dairy alternative market. The company also states today its intention to commercialize in the US by 2025.
Claiming to be one of the world’s only biotech companies developing both whey and casein proteins, Bon Vivant states this “unique capability” allows it to respond to specific requirements from the food industry, namely those of functionality and nutrition.
A French world leader
Stéphane MacMillan, CEO and founder of Bon Vivant, comments today, “We are very proud of this new stage in the development of Bon Vivant, which enables us to welcome leading investors from the biotechnology and agri-food industries to our capital. This round of financing confirms the growing demand for precision fermentation as a solution to the tremendous challenges the agri-food industry, particularly the dairy industry, is facing. The aim is threefold: to increase the number of developments with our customers, to produce on an industrial scale and to prepare for commercialization by 2025. It should also enable us to grow as the French world leader.”
Following last year’s €4 million raise, this recently closed round brings Bon Vivant’s total funding to €19 million. With the fresh capital, the company intends to bolster its R&D team in order to remain at the cutting edge of innovation in the field and lead the way in supplying animal-free milk proteins to key players in the market, helping the industry to “meet the dual challenge of growing demand while limiting the environmental impact of its products.”
Funds will be allocated to accelerate its path to regulatory approval with a focus on the USA ahead of its intended 2025 launch. Additionally, the team will invest in its new lab in the Lyon region where it will mass-produce samples to meet demand from B2B partners. Its partners include European biotech leader Abolis, with which BV formed a strategic partnership this June to mass-produce milk proteins with the aim of becoming European leaders in animal-free dairy production.
Sustainable solutions for a healthier planet
Notably, the company carried out a life cycle assessment earlier this year which demonstrated that its precision fermentation process reduces greenhouse gas emissions by 97%, drinking water consumption by 99%, and energy usage by 50% when compared with the production of conventional dairy milk. Speaking at the time, Hélène Briand noted, “This marks not only a crucial milestone for Bon Vivant and its position as a European leader, but also for all stakeholders in our industry. It is a great opportunity to demonstrate the power of the micro-organisms to produce animal-free dairy proteins more efficiently than a dairy cow, by using a single source of feed: the sugar. Thus, animal-free dairy proteins can be an excellent complementary source of proteins with low carbon emission, without comprise on taste, nutrition.”
Michael Krel, Partner at Sofinnova Partners, comments, “Bon Vivant’s pioneering work in animal-free dairy proteins through precision fermentation aligns perfectly with Sofinnova’s mission to promote sustainable solutions for a healthier planet. We are delighted to support Stéphane, Hélène and the team as they continue to transform the dairy sector and contribute to a more sustainable agri-food era.”
Source : Vegconomist Oct 12th 2023