Hill Dickinson has advised UK-based bio-tech business Clean Food Group Limited on a £2.5 million investment by Clean Growth Fund, a climate-specific UK venture capital fund.
The funding will be used to accelerate the commercialisation of Clean Food Group’s sustainable oils and fats technology. Clean Food Group’s go-to-market product is an equivalent to high oleic palm oil, supported by an externally validated LCA (life cycle assessment) which demonstrates it delivers a 90% reduction in greenhouse gases when compared with traditional palm oil. 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.
Alex Neves, CEO 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.”
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 CO₂ emissions. We are very pleased to support CFG’s development and growth.”
Michael Corcoran, a partner at Hill Dickinson and part of the firm’s national Venture Capital team advised Clean Food Group on the investment.
