January 30, 2025 08:00 ET | Source: Liberation Labs
RICHMOND, Ind., Jan. 30, 2025 (GLOBE NEWSWIRE) — Liberation Labs has closed a convertible note with $31.5 million in new capital, which, combined with $19 million of insider bridge notes raised during 2024, brings the total raised in its $75 million convertible note round to $50.5 million. The round included new capital from NEOM Investment Fund (NIF), Galloway Limited and Meach Cove Capital, as well as from existing funders, including Agronomics, New Agrarian Capital and Siddhi Capital. The new capital will enable the completion of construction of Liberation Labs’ first biomanufacturing plant in Richmond, Indiana.
“The strong support from both existing and new investors is validation of our team, technology and go-to-market strategy,” said Mark Warner, founder and CEO of Liberation Labs. “We look forward to completing construction of our facility, starting up operations in 2025 and filling a crucial supply gap for biomanufacturing in the U.S. market.”
Liberation Labs is in the late stages of constructing its first commercial-scale, purpose-built, precision fermentation biomanufacturing facility with a capacity of 600,000 liters and a fully dedicated downstream process (DSP). The plant will produce a range of bio-based materials, including building block ingredients for food, chemicals and other industrial products at a scale and cost that will fill a pressing need among both new and established consumer packaged goods (CPG) companies and other industrial manufacturers.
“Liberation Labs is developing state-of-the-art fermentation infrastructure to transform the world’s existing fermentation capacity,” said Jim Mellon, Director of Agronomics. “This will help build a future where precision fermentation proteins reach the industrial scale needed to meet growing demand in the US and across the world. This novel approach has never previously been attempted. The completion of this significant funding raise showcases the consistent and growing demand from startups, large multinational corporations, and governments alike and is testament to the strength and successful execution of the team led by Mark Warner.”
Combined with other public sector awards and loan guarantees, Liberation Labs has raised a total of $125.5 million in deployable capital. The new funding brings the total private capital raised to $71.5 million. In addition, Liberation Labs has secured equipment financing of $30 million and a U.S. Department of Agriculture Loan Guarantee of $25 million. The company also received a $1.39 million award from the U.S. Department of Defense (DoD) to conduct a detailed feasibility study (engineering and market analysis) for the addition of a full flexible-use, commercial-scale 4,000,000-liter bioindustrial manufacturing facility adjacent to its flagship facility.
Upon successful completion of the Prototype Assessment and Planning phase, Liberation Labs may be selected to proceed to the Prototype Build phase, which would provide up to $100 million for building new facilities or expanding current facilities for bioindustrial manufacturing.
About Liberation Labs
Liberation Labs is commercializing precision fermentation with a global network of purpose-built manufacturing facilities that enable the next wave of biotechnology advancements to produce bio-based consumer products at scale. We combine modern technology with fit-for-purpose design to bring reliable and cost-effective solutions that meet customer demand across the world. More information is available at www.liberationlabs.com.