Noblegen starts second round of financing
A start-up operating out of a living room four years ago has now entered its second phase of multimillion dollar financing.
Noblegen Inc. manufactures algae-based bioproducts, such as oils and proteins, which can be used in other products, including food and beverages, nutritional supplements and cosmetics. They can also be used in wastewater treatment.
The Peterborough-based company was founded by Adam Noble and Andressa Lacerda.
On Wednesday, the duo announced Noblegen was starting its second round of financing, with the goal of raising up to $50 million. They made the announcement at Noblegen’s office in Trent University’s DNA building.
The company just finished its first phase of financing, garnering $9.5 million in private investments in six months.
Now, they’re onto the next – even bigger – target.
“It really represents how fast we are growing,” said Noble.
For about three years, Noblegen was based in a corner of an office in Trent’s DNA building. Now they take up an entire room, with additional office space across the hall.
In January, they opened labs in the building and in February, they launched a production facility, Gen1, on the Kingsway.
All of that was possible from their first round of financing.
Just four years ago, Noble and Lacerda were working on Noblegen’s concept out of Lacerda’s living room, sitting on cushions on the floor.
“I am actually still in that stage that I don’t believe it... how far we came in such a short period of time,” Lacerda said.
Noble developed the earliest versions of his technology for a science fair at Lakefield District Secondary School. It went on to win national acclaim.
He started that project in his parents’ sauna.
Noble, 23, said he had hopes of getting his company where it is today, but not this soon.
“I never thought it would be happening as quickly as it has,” he said.
The company now has 35 employees, mostly made up of Trent and Fleming College graduates.
They expect that number to grow to 100 in the next 12 to 18 months as they continue to expand.
“Our goal is not only to have an impact on the world with our products, but also to have an impact on the region by attracting talent and retaining talent as well,” she said.
Currently, Noblegen is focused on the human nutrition market.
Oils and proteins are major components in nutrition, yet they aren’t available in sustainable sources, Noble said.
“We’re the first company in the world to be able to offer a solution to that and be able to feed our growing population,” he said.
Funds from Noblegen’s second financing phase will be used towards the commercialization of its products.
After the speedy success in reaching their first financing target in 2016, Noble is hopeful they can meet their second goal just as quickly. “We like to do things aggressively here.”
NOTE: To invest in Noblegen Inc., contact Timothy Lam, shareholders relations co-ordinator, at 647-808-3899 JNynzik@postmedia.com