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Stock impact report

Danone backs proteins supplier Standing Ovation [Yahoo! Finance]

DANONE S/ADR (DANOY) 
Company Research Source: Yahoo! Finance
The investment from Danone Ventures, the dairy giant's venture capital arm, was secured as part of Standing Ovation's Series B round. Standing Ovation turns whey permeates into caseins through precision fermentation. According to the company's website, its flagship ingredient, Advanced Casein, is “identical” to dairy casein from livestock in structure, sequence, and coagulation. The protein supplier raised $34.2m in the round, including $28.5m in equity. The equity raise was co-led by Bpifrance via its government-backed Ecotechnologies 2 fund and Crédit Mutuel Innovation. An additional $5.7m in non-dilutive financing was provided by Bpifrance and a banking syndicate. Danone joined returning backers that included fellow French dairy business Bel Group. In a statement yesterday (31 March), Standing Ovation said it will use the funds to commercialise its proteins, starting with the US, its primary market. It will be followed by rollouts in Europe and Asia, beginning at the Show less Read more
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