C16 Biosciences – the makers of Palmless, a platform for sustainable palm oil alternatives – announced it is ramping up its capabilities in the food category, driven by a $3.5 million grant from the Bill & Melinda Gates Foundation and a $1 million investment from Elemental Excelerator.
C16 Biosciences will utilize the designated funding from the Gates Foundation to expand the Palmless platform by working with non-agriculturally derived feedstocks to produce food-grade oils and fats. And the global edible oils industry is projected to reach $870 billion by 2050, but the industry’s growth will be limited by insufficient arable land for oilseed crops to grow.
C16 Biosciences developed an innovative biomanufacturing process, leveraging yeast rather than plants, to produce oils and fats using fermentation. And the company will expand its fermentation platform to utilize next-generation feedstocks, which would enable a novel approach to food security, unlocking a circular economy model capable of producing food products and ingredients without dependence on arable land. Through this grant (to be received over 3 years), C16 Biosciences will hire additional research and development staff.
While C16 Biosciences is expanding its solution to the food category, the company remains focused on providing innovative ingredients to its growing customer base in the beauty and personal care categories. In early 2023, the company launched Torula oil – a luxury bio-based oil for the beauty industry. Torula oil is the hero ingredient behind the company’s own product, Palmless Save the F#$%ing Rainforest Nourishing oil, and the REWILD Body Block, a collaboration with Pangaia and Haeckels sold at Selfridge’s UK and online. Both products sold out in under 24 hours, and the company is collaborating with dozens of beauty brands to launch products Made with Palmless in early 2024.
KEY QUOTES:
“Creating better oils and fats for use in food has been a critical part of our company’s ambition and strategy from Day 1, but we’ve waited strategically for the right moment to enter the market. Now that we’ve scaled our manufacturing to commercial-scale production and begun generating revenue in the personal care industry, we are ready and eager to expand our solution’s application set to produce high performance, scalable ingredients for food.”
— Co-Founder and CEO Shara Ticku
“With our support and catalytic investment, C16 Biosciences is taking pivotal steps to scale sustainable solutions, starting with palm oil alternatives for consumer products and food. This is an excellent example of how innovation can reshape industries, in this case by replacing an ingredient that is a major contributor to deforestation and the displacement of indigenous communities.”
— Elemental Excelerator Founder & CEO Dawn Lippert
