Biotechnology company Alternative Plants has attracted 500,000 euros in investments :: Dienas Bizness

Biotechnology company “Alternative Plants” has attracted 500,000 euros of investment for growth in export markets and increase of production capacity, informs the company’s representative Jānis Lindermanis.

In the past, the company has raised another 500,000 euros from various sources and European Union (EU) projects.

Among the investors are funds with which the company has already had successful cooperation in the early stages of development – “Buildit Latvia” and “SOSV”, as well as attracted a new investor “Givaldi”.

Alternative Plants has launched three EU-funded research projects in the last two years, including a partner in two European Regional Development Fund-funded frontier research projects. Leading European plant biotechnology research institutes and companies are developing both efficient and sustainable raw materials for plant-based cosmetics and guidelines for testing and regulating such products.

The company has invested in a pilot plant to provide the infrastructure for the efficient production of biologically active substances using plant cell cultures, the company explains. The first three products, raw materials with proven positive effects on skin health, have already been commercialized.

Currently, the company needs to increase its current cell culture capacity, as well as to develop new raw materials with market-demanding properties based on existing technology. During the year, investments in production equipment will increase the production capacity of existing products. The additional investment will also accelerate the development of new products, which has already started, allowing the company to launch at least two new raw materials in the coming years.

SIA “Alternative Plants” was registered in 2017, and its main activity is the production of active ingredients for cosmetics, using a biotechnological approach, cultivating plant cells.

“Alternative Plants”, attracting investments from several venture capital funds, has established a pilot plant in Riga. The company has currently developed four raw materials with proven effectiveness in improving skin health and delaying aging.

In 2020, Alternative Plants had a turnover of 31,136 euros and a profit of 80,070 euros. The share capital of the company is 2964 euros and its owners are Anna Ramata-Stunda (40.15%), Mārtiņš Borodušķis (40.15%), “Buildit Latvia Pre-Seed Fund” (5.53%), Elza Kaktiņa (5.06 %), Reinis Rutkis (5.06%) and Baiba Silamiķele (4.05%).