On August 13, 2018, Chinova Bioworks Inc. announced it has completed its seed round of $2.6 million. The round was led by DSM Venturing BV and Rhapsody Venture Partners, with participation from AgFunder and Natural Products Canada.
Chinova Bioworks plans to use the funding to build its team, scale up production and manufacturing, and accelerate the commercialization of the product into the market.
Chinova Bioworks is a Fredericton-based company developing a mushroom-based natural preservative for food and beverages. The company has developed three off-the-shelf formulations and is working with producers to develop customized formulations for specific food and beverage applications.
Osler, Hoskin & Harcourt LLP represented Chinova Bioworks with a team consisting of Chad Bayne and Simon Leith (Corporate).