Food tech company Comet Bio inks $22m Series C financing

Food technology company Comet Bio, based in London, Ontario and Schaumburg, Illinois, has secured $22 million in the initial close of a Series C financing.

Food technology company Comet Bio, based in London, Ontario and Schaumburg, Illinois, has secured $22 million in the initial close of a Series C financing. The round was led by Open Prairie, with participation from Louis Dreyfus Company, BDC Capital and Sofinnova Partners. Comet Bio has developed technology to convert agricultural residues into high-quality, sustainable ingredients.

PRESS RELEASE

LONDON, ON, July 13, 2021 /CNW/ — Comet Bio, manufacturer of healthy, sustainable, and award-winning ingredients, announced today the completion of the company’s Series C with an initial close of $22M. The round was led by Open Prairie, a multi-faceted private equity fund management firm with headquarters in Effingham, Illinois. Other investors include Louis Dreyfus Company (LDC), BDC Capital, and existing investor Sofinnova Partners.

“Thanks to the support of our exceptional investors, we will now be able to invest in a dedicated manufacturing facility to grow the supply of our upcycled ingredients,” said Rich Troyer, CEO of Comet Bio. “We will also be investing in innovation including our product pipeline and health claims development.”

These funds will enable us to meet the significant market demand for our healthy, upcycled and award-winning ingredients

Comet Bio, headquartered in London, Ontario, and Schaumburg, Illinois, uses its patented upcycling technology to produce innovative ingredients. Its Arrabina Arabinoxylan Plant Fiber Extract is a premium prebiotic dietary fiber with superior tolerability and functionality. It’s clinically proven to promote growth of beneficial bacteria in the gut, help maintain healthy blood glucose levels, and support immunity. The company’s line of Sweeterra syrups is a sustainable and lower sugar alternative to traditional sweeteners with no trade-offs in taste and performance.

“According to Global Market Insights, the prebiotic category is valued at close to $6B and is expected to exceed 10% CAGR in coming years,” said Troyer. “We have seen firsthand the growing consumer demand for ingredients that address gut health and sugar reduction. In addition, every single food company we’re talking to is looking to reduce food system waste. These strategic investor partnerships will enable us to meet this significant market opportunity and take Comet Bio to the next level.”

“Open Prairie is excited to leverage its team expertise and network to advance commercialization of Comet Bio’s ingredient technology platform and to facilitate diversification of US-focused distribution channels that benefit the Open Prairie Rural Opportunities Fund’s investment objective of catalyzing growth for agriculture and rural America,” said Tom Doxsie, a partner in the firm.

“We see tremendous potential for nutritious ingredients from upcycled agricultural materials and believe Comet Bio is well-positioned to capture this opportunity,” said Max Clegg, Head of LDC Innovations.

“We are excited to support an innovative Canadian AgTech company to accelerate the commercialization of its novel upcycling technology to convert agricultural waste into healthy and sustainable food ingredients,” said Matt Stanley, Director, BDC Capital’s Cleantech Practice.

“Since its inception, we have been impressed by Comet Bio’s ability to identify and produce unique, sustainable ingredients in high demand and look forward to continue supporting the management team as they accelerate commercialization,” Joško Bobanović, Partner at Sofinnova Partners.

To learn more about Comet Bio, its proprietary technology, and its award-winning ingredients, visit http://comet-bio.com/.

About Comet Bio
Comet Bio is an award-winning food technology company based in London, Ontario, and Schaumburg, Illinois. The company makes unique, healthy, and sustainable products using its patented upcycling technology. Its Arrabina Arabinoxylan Plant Fiber Extract is a premium prebiotic dietary fiber with superior tolerability and functionality. For more information, visit http://comet-bio.com/ and follow us on Twitter at @cometbio.