Paleo is a Belgian precision fermentation company that allows food manufacturers to offer a “real taste” experience, by providing key ingredients for environmentally friendly and cruelty-free meat and fish alternatives. To scale and grow, Paleo raised EUR 12m euro in a Series A financing round, led by DSM Venturing and Planet A Ventures and joined by Gimv, SFPIM Relaunch, Beyond Impact, and Siddhi Capital.
Paleo focuses on myoglobin, a protein that makes plant-based foods look and taste like meat or fish in terms of color, smell, taste, and aromatic experience and provides added nutritional value. The meat and fish proteins of Paleo are identical to animal proteins and GMO-free, providing an important competitive advantage.
Michaël Vlemmix, Principal in the Life Sciences-platform of Gimv, indicates: “We are very enthusiastic to be able to support a Belgian pioneer in the Foodtech space and provide our expertise and network to build a leading company. Being able to produce a GMO-free myoglobin through precision fermentation is highly exciting and offers the possibility to become one of the key catalysts to bring the plant-based food industry to the next level. I am looking forward to being able to grow this company together with management and our international syndicate of specialized investors in the space.”
Bram Vanparys, Managing Partner and Head of Life Sciences adds: “The mission of Gimv’s Life Sciences platform is to invest in companies developing products that are significantly benefiting society, which perfectly matches Paleo’s mission of combining people’s health with our planet’s health.”