Incredo LTD secures $30m in Series C funding for global expansion
Global food tech company DouxMatok has announced a rebrand to Incredo LTD. The unveiling of the new name, based on the company’s product Incredo Sugar, coincides with Incredo’s announcement that it has raised $30m (£24.1m) in a Series C funding round to further support research and development, integrate its product in a variety of applications and accelerate its commercial partnerships.
This latest round of funding is led by DSM Venturing and Sienna Venture Capital, along with strategic commercial partners such as Ferrero and investments from new investors including Teseo Capital and existing investors Pitango and BlueRed Partners, who led the previous round.
Incredo’s capital raise will help the company expand its research, development, and commercialisation efforts into its product, Incredo Sugar.
“Now that our flagship product, Incredo Sugar, has become commercially available and is gaining more awareness within the industry, we have decided to simplify our communications by unifying our identity under the name ‘Incredo’ – a single, powerful brand that will be memorable to our customers as we gear up for a period of continuous growth and commercialisation,” said Ari Melamud, CEO of Incredo LTD.
Incredo’s latest round of funding comes on the heels of a successful 2022, when it announced partnerships with Batory Foods and Blommer Chocolate Company. Incredo is looking to accelerate the commercialisation of Incredo Sugar in 2023, with new and increased availability across the US, Europe, and Israel.
Isabelle Amiel-Azoulai, Managing Partner at Sienna Venture Capital, commented: “Incredo has developed one of the most promising innovations in the food space we’ve seen – a delicious affordable and clean-label product that can reduce the sugar in foods without additives or changes to taste.
“Incredo has everything in the right place for Incredo Sugar to appear in products around the world, and our injection of capital will help support this mission-driven company to accelerate its growth.”