The new round of funding will be used to commercialize Phytolon's proprietary, fermentation-based technology to produce plant-based food colors, and support collaborations with companies across the food and beverage industry, said Phytolon CEO Dr. Halim Jubran.
Phytolon’s exclusive licensed technology yields pure betalains – natural pigments found in plants -- via fermentation.
“We offer betalains, which are pigments that are found in plants – I like to say they are responsible for coloring some of the most beautiful plants in nature. And they have a very, very high potential for being a leader in natural food colorants,” Dr. Jubran previously told FoodNavigator-USA.
The global food color market reached $2.85bn in 2019 with natural colors comprising 69% of the market as consumers have drawn negative associations with synthetic colorings such as Red#40 and Yellow#5, according to the company.
Chanan Schneider, CEO of Millennium Food-Tech commented, "For us, technologies that make food more natural and healthier are innovations that change the world of food and beverages. It is clear to us that consumers are looking for products with more natural and healthier ingredients and are even willing to pay a premium for them. Phytolon brings a patented solution, perfect for the food color sector, and has garnered a lot of interest in its technology and products."