Participated · Seed · Mar 2024

Nukoko uses a patent-pending fermentation technology to recreate chocolate flavors from fava beans, producing a cocoa-free alternative that melts, molds, tempers and integrates into existing confectionery production lines. The product is positioned as more sustainable — the company says its process can reduce carbon emissions by up to 90% versus traditional cocoa — and healthier, with about 40% less sugar and higher protein, fiber and antioxidant content. Nukoko was founded in 2022 by Ross Newton, Kit Tomlinson and Professor David Salt to build chocolate from local, nitrogen-fixing fava beans that can be grown in the UK. The company completed a $1.5M seed round in March and has development agreements with Swiss retailer Coop Group. With Döhler’s recent investment and strategic partnership, Nukoko plans to scale from pilot to industrial production by 2025 using 10,000-litre fermentation batches. Döhler will also provide regulatory and food-safety expertise as Nukoko prepares to commercialize its product. Nukoko makes cocoa-free chocolate from fava beans using a fermentation process analogous to traditional cocoa fermentation. The company says fava beans are a nitrogen-fixing crop that can be grown within the UK, enabling lower land-use impact. It claims its bars produce 90% fewer carbon emissions than conventional chocolate and avoid the deforestation and ethical issues linked to cocoa supply. Nukoko’s chocolate is described as high in protein, fiber, and antioxidants and contains 40% less sugar than regular chocolate. Founded in 2022 by Ross Newton, Kit Tomlinson, and Professor David Salt, the company took part in IndieBio and was included in the Foodtech 500. Nukoko has secured development agreements with Swiss retailer Coop Group and is scaling its production technology following recent fundraising.

Participated · Seed · Feb 2023

Michroma uses precision fermentation and filamentous fungi as “biofactories” to produce natural food colorants and, later, plant-based flavorings. Its first product, Red+, is a red colorant engineered to be temperature-resistant and stable across the food pH spectrum, surviving pasteurization, cooking and extrusion. Red+ has been prototyped with large food companies and can also be used to color cultivated meat. The company plans to expand its palette from warm colors (orange, yellow) toward blue and white while selling flavorings in combination with its colors. Michroma is negotiating with suppliers and intends to submit petitions to the U.S. FDA and the European Food Safety Authority; the regulatory process is expected to take at least two years. The startup currently has about 15 employees and plans to grow to 35, funded in part by recent seed financing that brought its total venture capital to $7.4M. Michroma develops sustainable, vegan, fungus-based natural colorants intended to replace synthetic petroleum-derived dyes and insect-derived cochineal (red 80). Founded in early 2019 in Argentina, the startup moved to San Francisco in September and is participating in IndieBio's accelerator. Its platform uses a GRAS fungal strain grown in bioreactors to produce intense, stable red, orange, and yellow pigments while reducing water use and carbon footprint compared with crop-derived colorants. The company argues vegetable-based alternatives like beetroot extract underperform on pH and temperature stability and impart flavor, making them difficult for industry use. Michroma says it already can effectively produce red, orange and yellow and is working to optimize and scale production while developing green and blue variants. Financially, Michroma has received early backing and plans further fundraising to accelerate scale-up.

Participated · Series A · Feb 2021

Reflaunt is a London-based Resale-as-a-Service (RaaS) technology company enabling fashion brands and retailers to let customers easily resell or recycle past purchases directly on brands’ e-commerce sites. Items listed via Reflaunt are offered on more than 20 marketplaces across North America, Europe, the Middle East, Southeast Asia and Australia, reaching over 30 million secondhand buyers worldwide. The technology is designed to help brands increase sales and customer retention while providing them with data on the resale performance of their products. Marketplaces in Reflaunt’s network gain access to a large assortment of products sourced directly from brands and benefit from purchase traceability that mitigates counterfeit risk. The company secured $2.7m in pre-Series A funding and intends to use the proceeds to add talent to its technology and business development teams. Reflaunt previously raised an initial seed round led by Yellow Octopus Group alongside Balenciaga CEO Cédric Charbit and Swarovski Creative Director Giovanna Battaglia Engelbert.

Participated · Series A · Oct 2019

Evrnu develops NuCycl, a textile recycling technology that extracts the molecular building blocks of cotton and polyester to create new, high-performance fibers that can be recycled repeatedly. The company licenses NuCycl to apparel brands and has early partners including Levi’s, Adidas, and Target. Evrnu worked with Adidas to produce a limited-run batch of Adidas by Stella McCartney Infinite Hoodies made with NuCycl fibers. The startup aims to reduce garment waste by converting pre- and post-consumer textile materials into renewable fiber and extending the life cycle of single-use textiles. Evrnu is Seattle-based and five years old, employs 10 people, and has raised $11.7 million to date. The company has participated in the Fledge incubator and presented at the GeekWire Summit.