Chinova Bioworks, a Fredericton-based company that uses mushrooms to make food preservatives and other ingredients, has raised a $6 million Series A funding round.
The company plans to use the money to expand its Prince Edward Island production facility, which will formally open this summer, as well as staff up and launch new products.
The round was led by DSM Venturing, the venture capital arm of Dutch health and nutrition company DSM, and Rhapsody Venture Partners — both based in Cambridge, Massachusetts. The two firms are returning investors from a US$2 million raise Chinova booked in