Biomilq secures US$21M funding to commercialize cell-cultured human milk
Increasing diversity within venture capital structures is “incredibly rewarding”
Biomilq co-founders Leila Strickland and Michelle Egger.20 Oct 2021 --- US biotechnology company Biomilq has secured US$21 million in an oversubscribed Series A financing to bring cell-cultured human milk to market.
The funding will aid the company in providing another option on the grocery store shelves next to other infant feeding options.
“We are optimizing our process at our newly created pilot facility in North Carolina. Here, we can take our technology to the next level by furthering process development toward a fully commercialized scale,” Biomilq CEO and co-founder Michelle Egger tells NutritionInsight.
“While we’re a few years out from launch, we plan to start D2C through a subscription-based online platform before having the product available to consumers in-store.”
Biomilq is on track to launch its cell-cultured human milk in just over three years, following its proof of complexity granted in June this year.
Inclusivity at top of mind
Leading the fundraising are Danish life science investor Novo Holdings and clean tech leader Breakthrough Energy Ventures. Egger reveals the two investors are partners “in thought and guidance.”
“They are close partners of ours and provide invaluable support as board members and advisors. We hope to continue our partnership in future fundraising rounds.”
The US$21 million will accelerate Biomilq bringing cell-cultured human milk to market.Additional support comes from Green Generation Fund, Europe’s first all-female-led fund, exemplifying that female-founded rounds “can compete with the heavy hitters of the venture capital world.”
“We’re also proud to have added partners such as Gaingels who are helping us source diverse candidates for our team and board of directors,” Eggers adds.
Investor Spero Ventures supports placing diverse founder teams “at the forefront of their program,” while Digitalis has “a depth of experience” in infant nutrition and improving human health.” Outstanding investors include Blue Horizon and Alexandria.
Value-driven selections
Biomilq further selected these investment partners based in part on alignment with the company’s core set of values: having female leadership within their fund, having a portfolio of diverse founders and having an internal mandate for positive impact in the world.
Biomilq has already observed the “ripples” of demand for more representation in venture capital. “We have spurred conversations in male-dominated venture capitals on expanding their next promotions to more diverse partners within their organizations’ structures,” Egger outlines.
“Through our strict partnership criteria, we’ve seen actual steps toward increased diversity occur within the venture capital structure. It’s been incredibly rewarding.”
Eggers appeared on Forbes’ “Social Impact” list of nominees for 30 under 30. NutritionInsight also spoke with Egger earlier this year on the UN Day of Women in Science, delineating how applying a female lens to human nutrition helped her cell-based infant nutrition start-up spur its growth in the past few years.
Biomilq selected its investors based on its company values. More investments in cell-based human milk
Billion-dollar fund Breakthrough Energy Ventures led Biomilq’s US$3.5 million funding round last year, and further investments in cell-based human milk continue to make strides.
Funding for cell-based milk has also taken off for other players. Last year, Singapore-based TurtleTree Labs scored a US$3.2 million funding round to accelerate production, followed by another US$6.2 million in the subsequent six months.
In June, the company delivered its first commercially scalable ingredient, human lactoferrin, which is touted as offering immunity benefits.
Earlier this year, cell-cultured infant formula producer 108Labs revealed Colostrupedics “whole-human” infant formula, having discovered a novel secretory antibody biosynthesis. The company is now building a “Cellufacturing” facility for cell-based human milk, targeting a ton of milk production per day in the first stage.
By Anni Schleicher, with additional reporting from Katherine Durrell
