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October 21, 2021

Cell-based breast milk firm Biomilq raises multi-million funding

The new funds will be used to support the development of “pioneering mammary biotechnology".

US cell-cultured breast milk firm Biomilq has raised US$21m in a Series A funding round led by life-science investor Novo Holdings.

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North Carolina-based Biomilq will use the funds to support the development of “pioneering mammary biotechnology to bring a novel infant-feeding option to market that better meets infants’ nutritional needs”.

Earlier this year, the company announced it had successfully produced a milk product with many of the same macronutrients that are known to be abundantly present in breast milk in its lab.

In the US, it is estimated that 75% of women are unable to exclusively breast-feed for the six months after birth as recommended by the American Academy of Pediatrics and the World Health Organization for various reasons.

Biomilq suggests alternative supplements, such as bovine-based infant formula, can lack the nutritional and bioactive composition found in breast milk.

Michelle Egger, the company’s CEO and co-founder, said: “We are very pleased to have such experienced investors in our Series A financing. Novo Holdings, as a leading international life-science investor, lends significant market experience and technical knowhow to Biomilq’s mission to nourish healthier infants, empower parents through choice and contribute to a healthier planet.”

Kartik Dharmadhikari, partner at Denmark-based Novo Growth, which comes under Novo Holdings is now a Biomilq board director.

He said: “We are delighted to support Biomilq through its journey pioneering mammary biotechnology. Its products have the potential to disrupt the infant supplemental feeding industry. We aim to use our scientific knowledge, operational expertise and global network to further strengthen the company’s ability to improve lives.”

Also participating in the investor syndicate were Breakthrough Energy Ventures, Blue Horizon, Spero Ventures, Digitalis Ventures, Green Generation Fund and Gaingels.

In June last year, Biomilq raised $3.5m in funding from backers, including the aforementioned Breakthrough, an investor consortium featuring Microsoft founder Bill Gates and Amazon founder Jeff Bezos.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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