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Food Business News: Ingredient startup raises $24.5 million to scale sustainable sweetener

February 21, 2023

scientist with plants in labDURHAM, NC. — Ingredient supplier Elo Life Systems has completed a Series A financing round, raising a total of $24.5 million to scale production of a sustainable, high-intensity sweetener.

Founded in 2021, Elo Life Systems has developed a sweetener inspired by monk fruit that is 300 times sweeter than sugar without the calories or aftertaste associated with other sweeteners, according to the company. The startup taps into existing agricultural systems such as watermelons to produce the ingredient, reducing waste by ensuring all harvested material is used. The company also is creating a fungal-resistant cavendish banana to save the endangered crop from extinction.

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