Standing Ovation Secures €25 Million Series B Funding for Precision Fermentation of Dairy Proteins

French startup Standing Ovation has successfully raised €25 million (approximately $28.5 million) in a Series B funding round, along with an additional €5 million ($5.7 million) in non-dilutive financing aimed at scaling its unique dairy protein production through precision fermentation.

Funding Details

This Series B round was co-led by the Ecotechnologies 2 fund, managed by the French government through Bpifrance, and Crédit Mutuel Innovation. The funding received additional backing from notable investors such as Astanor, Bel Group, Seventure Partners, GoodStartUp, Danone Ventures, Big Idea Ventures, Angelor, Newtree, and Noshaq. The non-dilutive funding was primarily sourced from Bpifrance and a prominent banking consortium.

Commercialization Plans

The funds will expedite the commercialization of Standing Ovation’s casein proteins in North America by 2026, followed by an anticipated expansion into Europe and Asia by late 2027.

Innovative Feedstock Utilization

What sets Standing Ovation apart from other companies in the precision fermentation realm is its unique use of acid whey, a byproduct from dairy processes such as cottage cheese and Greek yogurt, as the primary carbon source for its feedstock. CEO Yvan Chardonnens explained, “We are focused on utilizing dairy industry waste to avoid purchasing food to produce food, ensuring sustainability in our operations.”

Regulatory Strategy

Founded in Paris in 2020 by Romain Chayot and Frédéric Paques, the company is working on producing casein proteins using engineered fungi, yeast, and bacteria. While the specific hosts for commercial production remain undisclosed, Chardonnens aims to secure a ‘no questions’ letter from the FDA by the end of 2026 and plans to submit a novel foods dossier to the European Food Safety Authority (EFSA) for potential EU approval by late 2027.

Collaborative Manufacturing Approach

Instead of building its own factories, Standing Ovation collaborates with contract manufacturing organizations (CMOs) across Eastern Europe and is commissioning another in India. The company also has exclusive partnerships with Ajinomoto for production scaling and Tetra Pak to support protein extraction and purification processes.

Diverse Functional Applications

Standing Ovation produces three distinct casein proteins—alpha-s1, alpha-s2, and beta-casein—which have generated interest for various applications, including protein bars, coffee foams, nutraceuticals, and ice creams. Chardonnens noted that the aim is not merely replacement of animal-sourced milk proteins but rather to offer enhanced functionality and value-added benefits in formulations.

Strategic Vision for Cost Parity

Chardonnens emphasized that achieving cost parity is a critical part of their strategy. “Our roadmap towards cost parity doesn’t solely rely on economy of scales; we are focusing on optimizing our production processes to maintain manageable fixed costs without excessive initial investment in factory infrastructure,” he stated.

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Secure partnerships with Ajinomoto and Tetra Pak are crucial for accelerating production and ensuring effective downstream processes. “Tetra Pak’s expertise will be essential in optimizing purification processes, preventing excessive costs and losses,” Chardonnens explained.

Conclusion: Pioneering Sustainable Protein Solutions

Standing Ovation’s ability to secure significant funding in a challenging economic landscape can be attributed to its demonstrated capabilities in industrial-scale production. The company is strategically focused on casein, a more complex protein compared to others in the market, positioning itself as a prospective leader in the precision fermentation sector.

Check out developments from other companies in this domain, including Leprino Foods, New Culture, Change Foods, and others referenced in industry discussions.

For Further Reading:

• 21st Bio on strains, scale, and the valley of death: Fixing precision fermentation’s weak links
• New Culture Partners with CJ CheilJedang to Unlock Commodity Pricing for Dairy
• Precision fermentation startup Verley raises $38m Series A for New Protein Market Segment