Climate Insider Brief:
- Novobiom, a Belgium-based biotech firm, secured €2M in seed funding from Noshaq and other investors to advance waste management solutions, develop a biorefinery pilot plant, prepare for the commercial launch of soil remediation solutions, and expand its team.
- Novobiom addresses the global waste problem, projected to increase significantly by 2050, by using fungal biotechnology to convert waste into valuable resources like green chemicals, biogas, and reusable materials, mimicking natural recycling processes.
- The company collaborates with major industry players like L’Oréal and receives strategic and financial support from Noshaq, an investment group that offers tailored financing options and expert guidance to help businesses grow.
PRESS RELEASE – May 29, 2024 – Belgium-based Novobiom, a biotech firm, announced on Wednesday that it has secured €2M in a seed funding round from Noshaq, Planetary Impact Ventures, Circular Innovation Fund, Ciri Ventures, and several angel investors.
Novobiom will use the funds to accelerate the advancement of its waste management solutions, develop its biorefinery pilot plant, prepare the commercial launch of its soil remediation solutions, and expand its team.
Novobiom: Addressing the waste problem
The Belgian company aims to address the escalating global waste problem, which is set to increase from 2.1B to 3.4B tonnes by 2050.
The company does this through a unique approach to waste management that uses fungal biotechnology to convert waste into valuable resources like green chemicals, biogas, and reusable materials.
This process mimics natural recycling processes, turning an escalating global waste problem into a sustainable solution. They currently tackle textile recycling, soil remediation, and circularity in cosmetics.
Beyond managing waste, Novobiom aims to exploit the potential of fungi strains to unlock the potential of biotechnology for a circular economy.
The Belgian company collaborates with major industry players like L’Oréal, which has selected them to join their Green Science Incubation program to demonstrate the commercial viability and impact of Novobiom’s technology.
The investor
Noshaq is an investment group that focuses on providing financial support to companies in the Liege region, focusing on their development and growth.
Noshaq offers a diverse range of financing options tailored to each company’s specific needs. These include equity investments, convertible loans, and various types of financing for innovation, infrastructure, and export.
Noshaq’s involvement often goes beyond financial support, providing strategic guidance and expert advice to help businesses thrive and achieve their objectives.
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SOURCE: Siliconcanals
Featured Image: Credit: Novobiom
