Canadian startup Chinova Bioworks, which upcycles mushroom waste into natural preservatives, has raised CAD 6 million (~USD 4.6 million) in a Series A funding round led by DSM Venturing and Rhapsody Venture Partners. Investors including Rich Products Ventures also joined the round.
The funding will help Chinova in expanding its team and its production capabilities across Prince Edward Island (PEI). The company is also looking to launch new products.
<ul><li> Analyst QuickTake: The funding round brings Chinova’s total funding to CAD 10 million (~USD 7.7 million). In February 2022 , Chinova also secured CAD 1.5 million (~USD 1.2 million) from Sustainable Development Technology Canada (SDTC) to primarily support its expansion plans. Though the company has been mainly working with plant-based brands for its preservatives, it was also testing the product with beer manufacturers to expand into the alcoholic beverage market.</ul>
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