Südzucker, Singha and Royal DSM have contributed to a $22m series B round for DouxMatok, which is working on a sugar-based sweetener.
Israel-based food technology developer DouxMatok has received $22m in series B funding from investors including sugar producer Südzucker, health and nutrition group Royal DSM and food and beverage conglomerate Singha.
Venture capital fund BlueRed Partners led the round, which included equity crowdfunding platform OurCrowd, Pitango Venture Capital, Jerusalem Venture Partners (JVP), Food Lab Capital, BtoV Partners, OurCrowd and La Maison.
Singha participated in the round through its corporate venture capital arm, Singha Ventures.
Founded in 2014, DouxMatok is working on technology that will flavour food more efficiently. Its first product is a sugar-based sweetener that enables a 40% reduction in the amount of sugar required to maintain taste, mouthfeel and texture.
DouxMatok will use part of the funding to ramp up large-scale production and sales of its sugar-based product, targeting a commercial release in North America and Europe, where it is collaborating with Südzucker, by the fourth quarter of 2019.
The capital will also support the development of products in additional taste areas, including salt. The company has entered collaboration agreements with a range of unspecified food companies to reformulate products.
Randolf Burisch, head of business unit sugar and sales at Südzucker, said: “We at Südzucker are thrilled to expand upon our collaboration with DouxMatok and leverage the already proven synergies, as well as additional resources gained as a part of the new funding round, to speed up availability of the innovative DouxMatok sugars in our key European markets.”
Pitango led the company’s $8.1m series A round in 2017, investing together with Foodlab Capital and private investor Gil Horsky, both of which were existing backers. DouxMatok had raised $3.5m in seed funding in 2014 from investors that likely included Foodlab and JVP.