Chinova Bioworks raises $6 million in Sequence A funding

FREDERICTON, NEW BRUNSWICK — Chinova Bioworks has elevated $6 million in Sequence A funding co-led by DSM Venturing and Rhapsody Undertaking Companions.

Chinova Bioworks has formulated a organic preservative extracted from the stems of white button mushrooms that may perhaps be utilized in a range of food stuff and beverage apps. The company partners with mushroom farmers to accumulate the stems that would normally be discarded. The component, Chiber, is vegan, kosher, halal and allergen-absolutely free and enhances the high quality, freshness and shelf lifestyle of products when lessening foodstuff squander, in accordance to the corporation.

“The pandemic has accelerated the trend for food safety and well being-focused merchandise,” claimed Natasha Dhayagude, co-founder and chief government officer of Chinova Bioworks. “With this enhanced buyer awareness and scrutiny, makes are underneath tension to hold up and reformulate their products to meet up with clean label demands. Departing from artificial preservatives is a person of the most important and difficult changes food producers ought to make. Which is the place Chiber comes in considering the fact that it is a natural clear label preservative found in mushrooms.”

The funding will be utilized to expand the staff, start new solutions and greatly enhance output abilities on Prince Edward Island. The business has elevated a whole of $10 million to date.

“Chinova has been crushing it for extra than five decades,” reported Bernard Lupien, basic companion for Rhapsody Venture Associates. “It’s been awesome to see how rapidly Chinova has been equipped to include prospects, building investing a no-brainer. Furthermore, Chinova’s world-welcoming system of upcycling the otherwise discarded stems of white button mushrooms to develop Chiber is specifically what people are asking for.”

Rich Products and solutions Ventures also participated in the funding round.

“Chinova is quick to perform with, and their steerage with Chiber sampling, merchandise formulation and testing assisted streamline the merchandise improvement course of action,” stated Alberto Roca, head of Latin America study and improvement for Prosperous Products Corp. “It was easy to change to working with Chiber as a purely natural preservative to garner the clean up label gains.”