US breast milk company Biomilq has raised US $ 21 million in a Series A financing round led by life science investor Novo Holdings.
North Carolina-based Biomilq will use the funds to support the development of „breakthrough mammary biotechnology to bring a novel infant formula option to market that better meets the nutritional needs of infants.”
Earlier this year, the company announced that it had successfully made a dairy product in its laboratory containing many of the same macronutrients known to be abundant in breast milk.
In the US, it is estimated that 75% of women cannot exclusively breastfeed in the six months after giving birth for a variety of reasons, as recommended by the American Academy of Pediatrics and the World Health Organization.
Biomilq suggests that alternative dietary supplements like cattle-based infant formula may not have the nutrient-rich and bioactive composition of breast milk.
Michelle Egger, CEO and Co-Founder of the company, said, “We are delighted to have such experienced investors for our Series A funding. Novo Holdings, as a leading international life science investor, brings significant market experience and technical expertise to Biomilq’s mission to feed healthier infants, empower parents through choice, and contribute to a healthier planet. ”
Kartik Dharmadhikari, partner at Novo Growth based in Denmark, which is part of Novo Holdings, is now a board member of Biomilq.
He said, “We are excited to support Biomilq on its journey as a pioneer in breast biotechnology. Its products have the potential to revolutionize the infant nutritional supplement industry. We want to use our scientific knowledge, our operational expertise and our global network to further strengthen the company’s ability to improve life. ”
Breakthrough Energy Ventures, Blue Horizon, Spero Ventures, Digitalis Ventures, Green Generation Fund and Gaingels also participated in the investor consortium.
In June last year, Biomilq raised 3.5 million