Chinova Bioworks Raises $6 Million in Series A Investment

FREDERICTON, New Brunswick, June 22, 2022 (GLOBE NEWSWIRE) -- Chinova Bioworks (Chinova), a Canadian company addressing the growing consumer demand for healthy, natural, clean-label ingredients, has closed a $6 million Series A funding round. DSM Venturing and Rhapsody Venture Partners co-led the round of funding with Rich Products Ventures also participating in the financing.

The funding will build Chinova's team, launch new products, and expand its production capabilities on Prince Edward Island (PEI) which will have a formal opening later this summer.

This new investment comes at a time of substantial growth for the company. As COVID-19 continues to change the world, one thing that remains consistent is the need for a safe and continuous food supply.

"The pandemic has accelerated the trend for food safety and health-focused products,'' said Natasha Dhayagude, Co-founder and CEO of Chinova Bioworks. "With this increased consumer awareness and scrutiny, brands are under pressure to keep up and reformulate their products to meet clean-label demands. Departing from artificial preservatives is one of the most critical and challenging changes food producers must make. That's where Chibertm comes in since it is a natural clean-label preservative found in mushrooms."

Chinova Bioworks is revolutionizing the food and beverage industry with upcycled white button mushroom stems to create a natural clean-label preservative that is Vegan, Kosher, Halal, and allergen-free. Chinova works with mushroom farmers to collect the stems which would otherwise be discarded and transform them into a natural, commercially viable preservative that improves quality, freshness, and shelf-life while reducing food waste.

The clean-label properties of Chibertm, the upcycling and reduction of food waste, and the robust knowledge and testing capabilities of Chinova's R&D technical team make businesses and investors want to partner with this fast-paced company.

"Chinova is easy to work with and their guidance with Chibertm sampling, product formulation and testing helped streamline the product development process," said Alberto Roca, Head of Latin America R&D for Rich Products Corporation. "It was easy to switch to using Chibertm as a natural preservative to garner the clean-label benefits."

"Chinova has been crushing it for more than five years. It's been amazing to see how quickly Chinova has been able to add customers, making investing a no-brainer," said Bernard Lupien, General Partner from Rhapsody Venture Partners. "Furthermore, Chinova's planet-friendly process of upcycling the otherwise discarded stems of white button mushrooms to create Chibertm is precisely what consumers are asking for."

Visit Chinova's IFT First booth S2667 from July 10-13 at McCormick Place. The company executives and sales teams will be available to explain how Chibertm helps companies transfer to a clean-label preservative.

About Chinova Bioworks:
Chinova Bioworks is a Canadian company that addresses the growing consumer demand for healthy, natural, clean-label ingredients. Chinova has developed a natural preservative extracted from the stems of white button mushrooms for various food and beverage products. Chinova's natural, clean-label technology reduces the reliance on artificial ingredients & improves quality, freshness and shelf-life encouraging healthier long-lasting products, increased customer satisfaction, and reduced food waste. The company has raised $10M in investment to date with a team that represents 90% of women in STEM.

For more information, please visit www.chinovabioworks.com.

About DSM Venturing

DSM Venturing is the corporate venture arm of Royal DSM ? a global, purpose-led company in Health, Nutrition & Bioscience, applying science to improve the health of people, animals and the planet. DSM's purpose is to create brighter lives for all. DSM's products and solutions address some of the world's biggest challenges while simultaneously creating economic, environmental and societal value for all its stakeholders ? customers, employees, shareholders, and society at large. The company was founded in 1902 and is listed on Euronext Amsterdam.

For more information, please visit www.venturing.dsm.com.

About Rhapsody Venture Partners
Founded in 2017, Rhapsody Venture Partners is a venture capital firm headquartered in Cambridge, Massachusetts. The firm makes early-stage investments in companies operating in the industrial science and technology sector.

For more information please visit www.rhapsodyvp.com.

About Rich Products Corp. and Rich Products Ventures
Rich Products Corp. (Rich's) is a global, family-owned $4.5 billion food company based in Buffalo, NY, dedicated to inspiring possibilities. Rich's brings creative solutions to food industry professionals around the world, helping unlock new possibilities to captivate consumers and grow their business.

Rich Products Ventures (RPV) is the corporate venture arm of Rich Products Corp. The fund invests in companies that are shaping the future of food through technology and innovation. RPV leverages Rich's operational expertise, network of strategic relationships and global footprint to align with founders and co-investors to achieve financial returns while driving the food system forward.

Visit www.richs.com and www.richproductsventures.com for more information.

Media Contact:
Julia Boyd
[email protected]
440-263-9893

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