IndieBio’s Michroma recently closed a $6.4M seed funding round led by Supply Change Capital, bringing the company’s total venture capital to $7.4M. IndieBio, GRIDX, Be8 Ventures, CJ CheilJedang, Fen Ventures, and Boro Capital, among others, also participated in the round.
Michroma (SF09 2019) uses precision fermentation to derive natural colorants from fungi. The company is producing sustainable alternatives to food colorings, like Red 40 and Yellow 5, that contain petroleum, synthetic, or insect-derived products.
Michroma’s first product is Red+, a bio-colorant that is temperature-resistant and stable across the food pH spectrum, meaning its red color can persist through pasteurization, cooking, and extrusion. It’s vegan, kosher and halal, and can be used across a wide variety of applications.
With the new funding, Michroma will grow its team and expand its R&D capabilities. The company also has plans for additional colors and use cases in the worlds of flavor and fragrance as it continues on its mission to revolutionize the way ingredients are produced.
“We are poised to meet consumer demand for healthier and more sustainable food without petroleum-based ingredients,” commented Michroma’s CEO and co-founder, Ricky Cassini. “Unlike the current generation of unstable natural options, like betalains, carminic acid, and anthocyanins, Michroma is producing better-performing natural colorants powered by fungi. This next stage of our development will help us industrialize our fungal platform and enable the world’s transition to natural colors.”
Here is the Origin Story Ricky Cassini and Michroma at SOSV’s IndieBio.