In Indiana, biomanufacturing firm 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 new capital will allow the company to complete its first biomanufacturing plant in Richmond, Indiana. The round included new capital from NEOM Investment Fund, Galloway Limited and Meach Cove Capital, as well as from existing funders, including Agronomics, New Agrarian Capital and Siddhi Capital.
“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.”
The commercial-scale, purpose-built, precision fermentation biomanufacturing facility in Richmond will have the capacity to produce 600,000 liters and include a fully dedicated downstream process. The plant will produce a range of biobased 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 companies and other industrial manufacturers.
Combined with other public sector awards and loan guarantees, Liberation Labs has raised a total of $125.5 million in deployable capital.