Clean Food Group secures further £2.5m in funding

This latest round of funding from climate-specific UK venture capital fund Clean Growth Fund brings the total raised by the company to £13m to date.

Clean Growth Fund joins investors like Agronomics, Alianza Team, Doehler Group and SEED Innovations​​ in supporting Clean Food Group’s mission to reduce carbon emissions in the edible oils supply chain.

Accelerated scale-up

Alex Neves, chief executive and co-founder said: “The capital raised with Clean Growth Fund will allow us to accelerate the scale-up of our technology platform while advancing critical regulatory and commercial pathways, with a fully funded commercialisation plan in place well into 2025. ​

“We are delighted to be working with the Clean Growth Fund team, led by Beverley Gower-Jones, who is equally passionate about accelerating innovation to help address climate change and to create a healthier, more sustainable, global food system.” ​

Clean Food Group’s go-to-market product is an equivalent to high oleic palm oil, supported by an externally validated life-cycle assessment, which it claims demonstrates it delivers a 90% reduction in greenhouse gases when compared with traditional palm oil.

Drop-in ingredient

Clean Food Group’s oil has been designed as a drop-in ingredient that can be substituted in a number of consumables, including baked goods, confectionery and cosmetics applications.

Beverley Gower-Jones OBE, founder and managing partner of Clean Growth Fund said: “Clean Food Group has an impressive team with a broad set of skills, and who established several significant industrial partnerships. ​

“Backed by a strong technical base, Alex Neves and his team are well placed to commercialise the manufacture of palm oil substitutes and therefore reduce the reliance the food industry has on the production of palm oil, an industry which is one of the main drivers of deforestation and a major contributor to global CO​₂ emissions. We are very pleased to support CFG​’s development and growth.”​

Meanwhile, dairy cooperative Arla Foods has invested more than £179m in its Devonshire creamery​​ as part of its ambition to become a global mozzarella player by 2027.