Israeli food tech company DouxMatok has announced the completion of a $30 million Series C financing round and that it has rebranded as Incredo. The new name is based on the company’s signature product Incredo Sugar. This latest financing round is led by dsm-firmenich Venturing and Sienna Venture Capital, along with strategic commercial partners such as Ferrero, new investors including Teseo Capital, and existing investors Pitango and BlueRed Partners, who led the previous round.
The latest funds will help Incredo expand its research, development and commercialization efforts in its flagship product, Incredo Sugar. Incredo Sugar is a first-of-its-kind, delicious, clean-label sugar reduction solution that reduces the amount of sugar in sweet foods by 30-50%, with no change in taste, mouthfeel, or texture, and no additions to the ingredients label. By binding real cane or beet sugar with trace amounts of a natural carrier, Incredo Sugar aids in the delivery of sugar molecules to sweet taste receptors on the tongue. This means that less sugar is required for the same level of sweetness.
The Petah Tikva-based company was founded by inventor Prof. Avraham Baniel and chairman Eran Baniel.
Incredo CEO Ari Melamud said, "Now that our flagship product, Incredo Sugar, has become commercially available and is gaining more awareness within the industry, we have decided to simplify our communications by unifying our identity under the name ‘Incredo’ - a single, powerful brand that will be memorable to our customers as we gear up for a period of continuous growth and commercialization."
He added, "We’re pleased to close this Series C round with a mixture of strong strategic and financial investors. Thanks to this funding, Incredo Sugar will reach more mouths in more places than ever before. But most importantly, we’ll be giving food companies a vital tool to create delicious, healthier foods without compromising on the number one consumer purchasing decision - taste."
Last year the company announced partnerships with Batory Foods and Blommer Chocolate Company. Incredo is looking to accelerate commercialization of Incredo Sugar in 2023, with new and increased availability across the US, Europe, and Israel.
Published by Globes, Israel business news - en.globes.co.il - on May 25, 2023.
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