Scottish biotech company confirms a £6.16M Series A financing round
3F BIO Ltd, a Scottish biotech company whose purpose is to tackle the combined issues of feeding a growing global population and the unsustainable impact of traditional protein farming, has confirmed a £6.16M Series A financing round that will be used to scale up and commercialise its zero-waste process.
The funding provides strong support and validation for 3F BIO’s technology, which transforms cereal crops such as wheat or maize into high-quality protein (ABUNDA®) with 3-15 times better conversion efficiency than traditional protein sources such as meat from farm animals. This investment round will enable 3F BIO to progress its technology to industrial scale and expand its scope to compete in the global protein market, which is estimated at over 350M tonnes or > $1 trillion per year.
3F BIO’s business model is to work collaboratively, supplying a B2B ingredient to a wide range of potential partners to access the full extent of the growing global market for protein. The company’s vision is to produce 1M tonnes of protein by 2030.
The investment was supported by existing investors including:
- TheUniversity of Strathclyde;
- Scottish Investment Bank, the investment arm of Scottish Enterprise,
- Private investors including Nick Elmslie, the former CEO of BP’s Global Petrochemicals business;
- The EOS Technology Investment Syndicate;
- Data Collective (DCVC), a US based venture capital fund; and
- members of the 3F BIO management team
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