Canadian manufacturer of healthy and sustainable ingredients Comet Bio has closed a round of equity financing from its existing investors.
The company did not disclose the amount it raised in the latest round.
It intends to use the proceeds to launch supplement and health food products, as well as strengthen its partnerships with food and beverage customers.
Comet Bio CEO Rich Troyer said: “Our products are in high demand because they address consumers’ interest in gut health and sugar reduction.
“We are pleased to have the on-going support and confidence of our investors to successfully bring these products to market.”
The company’s current investors, Sofinnova Partners and PM Equity Partner, participated in the financing round.
Additionally, the company plans to use the money to commercialise its products, including Arabinoxylan Plant Fiber Extract and Sweeterra syrups, which are produced from crop leaves and stalks leftover after a farm’s harvest.
The company’s Arabinoxylan Plant Fiber Extract is a prebiotic dietary fibre, which supports gut health, while its Sweeterra syrups are equivalent to traditional sweeteners and are lower in calories.
Sofinnova Partners official Joško Bobanović said: “Consumers are demanding products that are healthy and good for the environment without compromising on taste.
“A big obstacle for food and beverage companies has been swapping ingredients without sacrificing taste and performance. Comet’s innovative ingredients finally provide food and beverage companies with a no-compromise solution to meet consumer needs.
“We have been impressed by Comet’s ability to identify new applications in high demand and look forward to supporting the Comet management team as they commercialise these exciting new products.”
Comet Bio also announced that it has established its US headquarters in Chicago, Illinois.
