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Standing Ovation raises EUR 3.75 million in Series A extension to scale production
Plant-based Dairy & Egg
Sep 16, 2024
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Plant-based Dairy & Egg

Plant-based Dairy & Egg

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Sep 16, 2024

Standing Ovation raises EUR 3.75 million in Series A extension to scale production

Funding

  • French precision fermentation startup Standing Ovation has raised EUR 3.75 million (~USD 4.2 million) in a Series A extension round, bringing its total Series A funding to EUR 15.75 million (~USD 17.5 million).

  • The funding will be used to scale up production of Advanced Casein, the company's first patented product, ahead of a planned market launch in the US in 2025. Standing Ovation aims to finalize preparations for industrial-scale production by the end of 2024.

  • In addition to the funding, the company announced the appointment of Yves Chardonnens as CEO. Chardonnens has previously held C-suite positions at Oterra, Firmenich, IFF, Unilever, Barry Callebaut, and Roquette.

  • Analyst QuickTake: Including Series A funding and a EUR 3 million (~USD 3.3 million) government grant received earlier this year, Standing Ovation has now raised a total of EUR 23 million (~USD 26 million). Since its product is made through precision fermentation, GRAS status will be required in the US before commercialization; so far, New Culture is the only precision fermentation company to have achieved this milestone.

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