LOCAL venture capital firm BlueRed Partners has led a US$22 million Series B funding round in Israel-based sugar reduction solution startup DouxMatok.
The round was joined by several strategic investors, including European sugar giant Südzucker, Dutch nutrition firm Royal DSM and Singha Ventures, the venture arm of Thai F&B player Singha Corp, BlueRed Partners said in a media release.
DouxMatok's existing shareholders, Pitango Venture Capital, Jerusalem Venture Partners, Food Lab Capital, (JVP), also invested in the round.
New financial investors who participated in the round include European venture firm btov Partners, Israeli venture firm OurCrowd and investment club La Maison.
Over the past six years, DouxMatok has developed a proprietary sugar reduction solution that can cut down the sugar content in food by 40 per cent, without changing taste or texture.
DouxMatok will soon complete the industrial manufacturing of its product in Europe, jointly with Südzucker AG, followed by commercialisation in North America.
”The task of providing a sugar reduction solution is not only important for the consumer, but also for food corporations that rely on sugar to create the world’s top-selling products," said Yishai Klein, managing partner of BlueRed Partners, in the release.
"We’re looking forward to supporting DouxMatok’s team in scaling their breakthrough technological platform globally, the only one that enables to reduce sugar with sugar," he added.
Eran Baniel, DouxMatok's CEO and co-founder, said: "We’re grateful to our new investors and existing ones for making it possible for the company to speed up growth so as to meet the huge market demand we’re experiencing.”