# Comet Biorefining

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/comet-biorefining

- Industry: Food
- Headquarters: London, Canada
- Website: www.comet-bio.com
- Total disclosed funding: $22M
- Latest round: Series C (Jul 13, 2021)
- Investors on record: 4

## About

Comet Biorefining Inc. is a Canadian company specializing in the production of prebiotic fibers, leveraging patented upcycling technology to convert underutilized plant materials into high-quality nutritional solutions.Founded in 2009 and headquartered in London, Canada, Comet Biorefining Inc. focuses on sustainable bioprocessing. The company has completed 4 funding rounds, with the latest being Series C in July 2021, raising USD 22.00 mn led by Open Prairie. CEO Richard Troyer has guided the company through its strategic developments, although further details on his previous ventures are not detailed.Comet Biorefining Inc. develops and produces prebiotic fibers, with its flagship product Arrabina® derived from arabinoxylan. This fully soluble fiber enhances the nutritional profile of food, beverages, and supplements, supporting digestive health by serving as a substrate for beneficial gut microorganisms. Their products cater to various markets, including functional beverages, baked goods, and supplements, targeting both large-scale manufacturers and niche health brands across North America, Europe, and Asia.The company generates revenue through B2B transactions by selling prebiotic fibers to manufacturers and brands in the food, beverage, and supplement sectors. Comet Biorefining Inc. produces over four million kilograms of Arrabina® annually, with clients placing bulk orders that often include customized formulations. Their pricing aligns with market expectations for premium functional ingredients, reflecting the health benefits of their offerings, with key products like Arrabina® P and Arrabina® V central to their strategy.Comet Biorefining Inc. plans to utilize the USD 22.00 mn raised in July 2021 to invest in product innovation and develop health claims for their prebiotic fibers. The company aims to expand its market presence, targeting new geographical regions with a focus on enhancing their product offerings. This funding will support the launch of upcoming products designed to meet the growing demand for sustainable dietary solutions.

## Funding rounds

- Series C, Jul 13, 2021, $22M — Sofinnova Partners, BDC Capital, Open Prairie, Louis Dreyfus Company B.V.

## Investors

- Sofinnova Partners (https://capitalatlas.ai/funds/sofinnova-partners) — Series C
- BDC Capital (https://capitalatlas.ai/funds/bdc-capital) — Series C
- Open Prairie (https://capitalatlas.ai/funds/open-prairie) — Series C
- Louis Dreyfus Company B.V. — Series C