Danone has joined the investors backing French startup Standing Ovation to “accelerate” the commercial rollout of its animal-free dairy proteins.
The investment from Danone Ventures, the dairy giant’s venture capital arm, was secured as part of Standing Ovation’s Series B round.
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Standing Ovation turns whey permeates into caseins through precision fermentation. According to the company’s website, its flagship ingredient, Advanced Casein, is “identical” to dairy casein from livestock in structure, sequence, and coagulation.
The protein supplier raised $34.2m in the round, including $28.5m in equity.
The equity raise was co-led by Bpifrance via its government-backed Ecotechnologies 2 fund and Crédit Mutuel Innovation.
An additional $5.7m in non-dilutive financing was provided by Bpifrance and a banking syndicate.
Danone joined returning backers that included fellow French dairy business Bel Group.
In a statement yesterday (31 March), Standing Ovation said it will use the funds to commercialise its proteins, starting with the US, its primary market.
It will be followed by rollouts in Europe and Asia, beginning at the end of 2027.
Bel Group, the owner of The Laughing Cow and Babybel brands, first invested in the protein company in 2022 and signed an “exclusive partnership” to use the startup’s casein milk protein in its alternative cheese portfolio.
Standing Ovation CEO Yvan Chardonnens and co-founder and managing director Romain Chayot said: “With the support of leaders like Bel and Danone alongside our industrial partners, our patented technology is becoming the focal point for an industry-wide shift toward sustainable, high-performance proteins.
“Our ambition is to pioneer a new, circular, and sustainable approach to protein production to meet rapidly growing global demand. By combining technological innovation with the dairy industry’s expertise, we are bridging the gap between the agri-food industry and deep tech.”
Instead of investing in its own production plants, the Paris-based startup partners with established fermentation manufacturers.
The latest financing follows Standing Ovation’s €16m ($18.5m) Series A round.
