Standing Ovation has raised $34.2 million (€30 million) in a Series B funding round to accelerate the commercialization of its dairy proteins produced through precision fermentation. The round includes $28.5 million (€25 million) in equity and an additional $5.7 million (€5 million) in non-dilutive financing.
The equity portion of the round was led by the Ecotechnologies 2 fund managed by Bpifrance as part of the France 2030 initiative, alongside Crédit Mutuel Innovation. Existing investors, including Astanor, Bel Group, Seventure Partners, Good Startup, and Big Idea Ventures, also participated. New investors include Danone Ventures, Angelor, Newtree Impact, and Noshaq.
The funding follows a €16 million Series A and will support the company’s expansion into North America, with a planned U.S. commercial launch, followed by entry into Europe and Asia starting at the end of 2027. Standing Ovation is pursuing an asset-light manufacturing strategy by partnering with fermentation specialists rather than building its own facilities.
Founded in 2020 by Romain Chayot and led by CEO Yvan Chardonnens, the Paris-based company has developed a patented process that converts dairy side-streams, particularly whey permeates, into casein, the primary protein in milk. Casein accounts for the majority of milk’s protein content and is essential to the texture and functionality of products such as cheese, yogurt, and ice cream.
The company’s approach aims to address growing global demand for protein while reducing reliance on traditional livestock production. By upcycling dairy co-products that would otherwise have little value, Standing Ovation positions itself within a circular economy model that benefits both producers and manufacturers.
According to the company, its process delivers significant environmental advantages, including a 74% reduction in greenhouse gas emissions and substantially lower water usage compared to conventional animal-derived casein. The technology also contributes to food system resilience by reducing dependence on global supply chains and supporting regional production.
Standing Ovation is also backed by strategic partnerships with major dairy players, including Bel Group and Danone, which serve as both investors and industrial collaborators. These partnerships are expected to help accelerate adoption of fermentation-derived casein across the food industry.
The company plans to prioritize the U.S. market for its initial rollout, leveraging increased manufacturing capacity and regulatory pathways, before expanding globally in the coming years.
KEY QUOTES:
“We thank our investors for their trust and commitment. With the support of leaders like Bel and Danone alongside our industrial partners, our patented technology is becoming the focal point for an industry-wide shift toward sustainable, high-performance proteins. Our ambition is to pioneer a new, circular, and sustainable approach to protein production to meet rapidly growing global demand. By combining technological innovation with the dairy industry’s expertise, we are bridging the gap between the agri-food industry and deep tech. Backed by strong technological barriers to entry, we are accelerating our rollout and helping to strengthen European food sovereignty.”
Yvan Chardonnens, CEO, and Romain Chayot, Co-founder and Managing Director, Standing Ovation
“Standing Ovation is developing a disruptive technology to produce highly functional proteins with a low environmental footprint, establishing itself as a key player in the sustainable transformation of the food industry. By upcycling dairy permeates through a circular economy approach, the company stands out as a strategic partner of choice for major industrial leaders, as demonstrated by the continued confidence of Bel Group and Danone. We are very proud to support Standing Ovation in this new stage of its development.”
Edouard Combette, Senior Investment Director, Bpifrance Green Venture
“Consumption of dairy products is growing every year in Europe, while global warming and declining livestock populations suggest that milk production will decrease or even stagnate. Through its production of casein via precision fermentation, Standing Ovation perfectly solves this challenge, making a significant contribution to decarbonizing the dairy sector and adding value to key co-products. With this first investment in the agri-food sector, Crédit Mutuel Innovation reaffirms its ambition in the broad life sciences sector.”
Laurianne Garcia-Ordonez, Director of Investments, Crédit Mutuel Innovation
“Since the initial seed investment in 2021 of Astanor in Standing Ovation, we have been alongside the founding team in their impressive evolution from a highly technical R&D organization into one of the most advanced industrial players in precision-fermented dairy proteins, positioning itself as a leading supplier of functional and specialty proteins for both alternative and conventional dairy applications.”
Eric Archambeau, Managing Partner, Astanor
“Three years after identifying Standing Ovation as a true gem of the FoodTech sector, our renewed strategic partnership and significant participation in this Series B round confirm our long-term commitment. As a pioneer, Bel is proud to continue this win-win collaboration, blending our historic cheese-making expertise with their cutting-edge technology. Together, we are accelerating the concrete application of innovation to transform the food model, ensuring we provide sustainable, high-quality, and accessible products that meet the expectations of tomorrow’s consumers.”
Caroline Sorlin, Chief Venture Officer, Bel Group
“Standing Ovation embodies the kind of breakthrough, science-based innovation that Danone Ventures is proud to support. Their approach to producing bioidentical caseins through precision fermentation offers meaningful progress across Danone’s Impact Journey, from advancing nutrition to enabling more sustainable, circular production models. We look forward to partnering with the Standing Ovation team and helping unlock opportunities across Danone to accelerate their impact.”
Jakub Kalinowski, Managing Director, Danone Ventures
