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C16 Biosciences, makers of Palmless™, ramps up in food fueled by fresh funding

Jan 24, 2024•over 1 year ago

Amount Raised

$4.5 Million

Round Type

seed

New YorkBiotechnology Research

Investors

Elemental ExceleratorBill & Melinda Gates Foundation

Description

C16 Biosciences, makers of Palmless™, is ramping up its capabilities in the food category, fueled by a $3.5 million grant from the Bill & Melinda Gates Foundation as well as a $1 million investment from Elemental Excelerator. The company will use the funding to expand the Palmless™ platform by working with non-agriculturally derived feedstocks to produce food-grade oils and fats, unlocking a circular economy model capable of producing food products and ingredients without dependence on arable land.

Company Information

Company

C16 Biosciences

Location

619 W 54th Street, 7th Floor

New York, New York, United States

About

C16 Biosciences is a New York-based biotech company producing biodesigned performance ingredients. We do this by leveraging our proprietary platform to produce novel ingredients without compromises for the world’s leading consumer goods manufacturers. The company recently launched the Palmless™ platform for sustainable ingredients as well as their first biodesigned ingredient, Torula oil, a luxury bioactive oil clinically proven to promote healthier skin and hair. Torula oil was the hero ingredient in two of 2023’s award-winning product launches, both of which sold out in <24 hours. The founders generated the idea for C16 Biosciences at the MIT Media Lab, and the company is backed by Breakthrough Energy Ventures, Y Combinator, and more.

Funding Insights

Based on industry data
VC-backed spending patterns
VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

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