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.
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, which 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.
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.
Its Sweeterra syrups are functionally equivalent to traditional sweeteners, but 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 percent 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.