Comet Bio Completes Equity Financing and Opens U.S. Headquarters in Chicagoland Area
SCHAUMBURG, Ill., July 16, 2019 /PRNewswire/ -- Comet Bio, a manufacturer of healthy and sustainable ingredients, has closed a round of financing with its current investors. The equity funding allows the company to commercialize its flagship products, Arabinoxylan Plant Fiber Extract and Sweeterra™ syrups, both of which are made from crop leaves and stalks leftover after a farm's harvest. Existing investors Sofinnova Partners and PM Equity Partner participated in the financing.
"Our products are in high demand because they address consumers' interest in gut health and sugar reduction," said Comet Bio CEO Rich Troyer. "We are pleased to have the ongoing support and confidence of our investors to successfully bring these products to market."
Comet Bio will use the funds to deepen their partnerships to serve food and beverage customers, launch supplement and health food products, complete additional clinical trials to further establish the healthy features of the company's products, and expand its supply chain to meet increasing customer demands. The company has also established their U.S. headquarters in Chicago, IL. Their offices, located at 1501 Perimeter Drive in Schaumburg, will house the company's administrative and commercial functions. Comet Bio chose Chicago for its U.S. headquarters because of the significant number of food and nutrition companies located throughout the region.
"Consumers are demanding products that are healthy and good for the environment without compromising on taste. A big obstacle for food and beverage companies has been swapping ingredients without sacrificing taste and performance. Comet's innovative ingredients finally provide food and beverage companies a no compromise solution to meet consumer needs," said Joško Bobanović of Sofinnova Partners. "We have been impressed by Comet's ability to identify new applications in high demand and look forward to supporting the Comet management team as they commercialize these exciting new products."
"Comet Bio is now well positioned to introduce its healthy ingredients in an appealing range of applications," said Marco Brunazzo of PM Equity Partner. "Comet's products are ideal for supplements and nutritional products, as well as confectionery, fruit preparations and beverages."
Comet Bio produces healthy ingredients from crop leftovers for use in supplements, foods and beverages. The company's Arabinoxylan Plant Fiber Extract is a prebiotic dietary fiber that supports gut health, and a healthy metabolism, while its Sweeterra™ syrups are functionally equivalent to traditional sweeteners, and are more sustainable, lower in calories and sugar, and higher in fiber. By upcycling crop leftovers, the company helps farmers utilize their whole harvest, which results in products that are better for the planet. According to an independent well-to-wheel Lifecycle Carbon Emissions Assessment (LCEA), Comet's ingredients reduce greenhouse gases by over 60% compared to traditional sweeteners. In addition, independent tests confirm that Comet's products perform the same as traditional ingredients in many product applications including confectionery, fruit preparations and baking.
About Comet Bio
Comet Bio is a manufacturer of award-winning healthy and sustainable ingredients based in London, Ontario and Schaumburg, Illinois. The company upcycles crop leftovers into healthy and sustainable ingredients for use in supplements, foods, and beverages. The company's two flagship products are Sweeterra™ syrup blends and Arabinoxylan dietary fiber that are natural and healthy without compromising on taste or performance. Their ingredients are better for the planet because they reduce greenhouse gases and help farmers take advantage of their whole harvest. For more information, visit http://comet-bio.com/ and follow us on Twitter at @cometbio.
About Sofinnova Partners
Sofinnova Partners is a leading European venture capital firm specialized in Life Sciences. Based in Paris, France, the firm brings together a team of professionals from all over Europe, the US and China. The firm focuses on paradigm shifting technologies alongside visionary entrepreneurs. Sofinnova Partners seeks to invest as a lead or cornerstone investor from very early stage opportunities to late stage/public companies. It has backed nearly 500 companies over more than 45 years, creating market leaders around the globe. Today, Sofinnova Partners has over €2.0 billion under management. For more information, please visit: www.sofinnovapartners.com
About PM Equity Partner
PM Equity Partner invest in entrepreneurs and growth companies that share their vision of profitable sustainability and sustainable profitability. As a long-term investment partner their support includes scientific substantiation, business development and marketing excellence PM Equity Partner is the corporate venture capital and private equity investment arm of Philip Morris International.
SOURCE Comet Bio
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