A business for ingredients raises $24.5 million to expand its sustainable sweetener.
Elo Life Systems, a provider of ingredients, has successfully concluded its Series A funding round, accumulating a total of $24.5 million to expand the manufacturing of a high-intensity, sustainable sweetener.
Elo Life Systems, a 2021 startup, claims to have created a monk fruit-inspired sweetener that tastes 300 times sweeter than sugar and without the calories and flavour of existing sweeteners. The firm produces the element by utilising already-existing agricultural systems, like watermelons, and ensures that all material harvested is utilised, thereby minimising waste. To prevent the extinction of the threatened crop, the business is also developing a cavendish banana that is immune to fungi.
By developing pilot-scale processing capabilities, evaluating the product’s market with consumers, and progressing US regulatory approvals, the financing will help Elo’s sweetener development. The business announced that it intends to launch a Series B investment round later this year in order to scale up the ingredient and broaden its pipeline for R&D.
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Elo Life Systems CEO Todd Rands stated, “We’re unlocking nature’s abilities to make consumers’ favourite foods more delicious, healthy, and planet-friendly. Strong investor support unites behind Elo’s commitment to improve human health and the environment.” “Elo’s first product will eliminate excess calories in thousands of popular everyday food and beverage products. It’s a new plant-based sweetener inspired by natural monk fruit.”
Current investors AccelR8, Novo Holdings, and DCVC Bio lead the investment round. Joan Braca, a former Tate & Lyle executive and non-executive director with Univar Solutions, has joined Elo’s board of directors.
Ms. Braca remarked, “I’m excited to join Elo and support their mission to reimagine the future of food.” “Foods that are more sustainable, reasonably priced, and healthful are what consumers want.” With the help of plants and the power of nature, Elo is able to access all of these advantages and more.