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Clean Food Group Raises £2.5M for Sustainable Oils

Clean Food Group celebrates a fresh infusion of £2.5M in funding will propel CFG's pursuit of sustainable oil
March 27, 2024

Clean Food Group (CFG) unveils a remarkable milestone with the announcement of £2.5 million in funding, adding to the £13 million previously raised. This infusion of capital is poised to fuel the ongoing development of CFG's groundbreaking sustainable oil and fat alternatives, paving the way for a highly anticipated commercial launch scheduled for 2025.

Led by Clean Growth Fund, a renowned investor in low-emission ventures spanning various sectors, this funding round marks a significant leap forward for CFG's mission to revolutionize the food industry. At the heart of CFG's innovation lies its commitment to sustainability, as it harnesses food waste to craft oils through cutting-edge yeast strains and fermentation technology. These alternatives aim to mitigate the environmental impact of traditional oils, notably palm and soy, which are notorious drivers of deforestation and greenhouse gas emissions.

With a focus on combating climate change and fostering a healthier global food system, CFG's flagship product, a palm oil substitute, undergoes rigorous scrutiny through a life cycle assessment. The results are staggering, showcasing a remarkable 90% reduction in greenhouse gas emissions compared to conventional palm oil. Positioned as a versatile drop-in ingredient, this substitute holds immense potential across various consumer applications, spanning baked goods, confectionery, and cosmetics.

Alex Neves, CEO and co-founder of CFG, expressed enthusiasm for the collaboration with Clean Growth Fund, emphasizing their shared vision of accelerating innovation to combat climate change and foster sustainability. This partnership is set to expedite the scale-up of CFG's technology platform, driving forward critical regulatory and commercial initiatives.

Beverley Gower-Jones OBE, Founder and Managing Partner of Clean Growth Fund, commended CFG's exceptional team and strategic industrial partnerships. With a robust technical foundation, CFG is primed to spearhead the commercialization of palm oil substitutes, thereby curbing the reliance on environmentally detrimental practices in the food industry.

Clean Food Group's latest funding injection not only signifies a pivotal moment in its journey but also underscores its unwavering commitment to pioneering sustainable solutions in the food industry. With a steadfast focus on innovation and sustainability, CFG's strides towards commercializing palm oil substitutes herald a brighter, greener future for the global food ecosystem. Through strategic partnerships and relentless dedication, CFG stands poised to drive meaningful change and set new benchmarks for sustainability in the food sector.

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