The Raise
€5.5M Series A toward price parity, multi-year supply contracts and a Novel Food filing
Round terms
- Round
- Round A (Series A)
- Raising
- €5.5M
- Pre-money
- €22.5Mpending
- Post-money
- €28.0Mpending
- New ownership
- 19.6%pending
- Runway
- ~36 months
- Follow-on
- Round B €15M · Round C €30M
- Break-even
- EBITDA positive 2029
Valuation and ownership terms are pending confirmation and not part of the financial model.
Use of funds
of €5.5M · Round A milestones
€5.5MRound A
- Operations & Team Runway35%
- Fermentation & Process Scale-Up19%
- Food-Grade Facility & Quality Systems15%
- Strain Library & Specialty R&D15%
- Strategic Customer Programs9%
- Regulatory & IP7%
Cap table
post Round A · illustrative
- Founders49.8%
- Existing investors14.5%
- Angels / pre-seed9.6%
- Round A investors19.6%
- ESOP6.4%
Ownership split is indicative and pending confirmation.
What Round A unlocks
- ✓500L NL pilot operational and 100 L/day food-grade by mid-2028
- ✓€5–8M annualized run-rate on the bioactives engine
- ✓Novel Food dossier filed (a Series B trigger)
- ✓Multi-year supply contracts and a strategic fermentation JV
The path after
Series A takes NOVAKERN to the 500L NL pilot and food-grade production. A Round B of €15M in 2028 funds price parity and the first 10,000L reactor, and a Round C of €30M in 2030 scales to an industrial network at 10.4M L/year, €50.5M of VC across the three rounds.
The base case reaches EBITDA break-even in 2029 and €119M revenue by 2032, as the bioreactor platform becomes the dominant engine.