In the article, “AgFunder-backed Chinova Bioworks raises $6m Series A funding for natural shelf-life extender”, AgFunderNews reports that Chinova Bioworks, a company developing fungi-based preservatives, closed a series A round worth $6M. This brings Chinova Bioworks’ total funding to date to $11.8M.
Leading the most recent series A round was DSM Venturing and Rhapsody Venture Partners with additional participation from Rich Products Ventures. In Chinova Bioworks’ 2018 seed round, DSM Venturing and Rhapsody Venture Partners invested $2M alongside AgFunder and Natural Products Canada. The company’s pre-seed funding was headed by SOSV, the New Brunswick Innovation Foundation, and the First Angel Network, according to AgFunderNews.
Using white button mushroom fiber, Chinova Bioworks creates a clean-label alternative to chemical preservatives in food—particularly in dairy, plant-based meat, baked goods, sauces, spreads, and beverages.
Explaining the consumer demand for natural ingredients, Chinova Bioworks co-founder and CEO Natasha Dhayagude remarks, “The [Covid-19] pandemic has accelerated the trend for food safety and health-focused products.”
By Hannah DeTavis