The Trendlines Group (Trendlines) (SGX:42T
) announced that its portfolio company, Phytolon, has closed its US$23.6 million Series B financing to commercialise its natural food colours in the United States.
Trendlines says that the Series B financing round for Phytolon was led by a strategic investor, whose identity has not yet been disclosed.
“This funding was structured in three stages, including the realization of SAFE investment vehicles made prior to this closing, with the bulk of the capital being secured during the final stage earlier this month. In addition to the lead investor, existing investors also participated in the round,” Trendlines add.
From Trendlines’ point of view, the entry of a strategic lead investor at the commercialisation stage is a positive development for Phytolon.
“We believe this financing significantly strengthens Phytolon’s growth trajectory and long-term value creation potential. Trendlines and Consensus Business Group remain committed long-term shareholders of Phytolon,” says Trendlines’ executive director and CEO, Haim Brosh.
Shares of Trendlines closed 0.3 cents higher, or 5.26% up at 6 cents on May 28.
