Is this "goodbye" to toxic red dye? Israeli food tech startup Phytolon has secured $4.1 million in funding for its fermentation-based technology for the production of natural, high-quality food colorings, the company announced this week.
Founded in 2018 based on technology licensed through the Weizmann Institute of Science, Phytolon leverages fermentation-based technology to produce plant-based food colors.
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In 2019, the food coloring market reached $2.85 billion. Demand for natural food coloring is increasing as consumers become aware of the possible health risks of some of the existing synthetic food dyes.
Since Phytolon was founded, it has received numerous awards. The company was a finalist at MassChallenge Israel 2020, AgriVest 2019, Slingshot 2019 and a runner up in the Calcalist-Tnuva Foodtech 2019 competition.
Investors in this round included Millennium Food-Tech (an R&D partnership that invests in food-tech companies); EIT Food (Europe's leading food innovation initiative); Trendlines Group (an Israeli-Singapore-based investment group focused on high-growth medical and agri-food technologies); former CEO of Elbit Systems Yossi Ackerman; and the Israel Innovation Authority.
Phytolon CEO Dr. Halim Jubran said that the funding round would allow his company's products, which "offer a high quality and cost-efficient solution to the food industry," to reach the market.
"The new round will also promote our collaborations with potential clients," Jubran said.
Prof. Asaph Aharoni of the Weizmann Institute, who played a key role in inventing the technology that Phytolon is licensing, said, "Phytolon's success provides an excellent example of how cutting-edge, basic science sets the stage for novel applications in the industry. Phytolon's product is a step forward towards reducing the segment of synthetic chemistry and increasing sustainability of natural resources for the food industry."
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