Ironic Biotech announces $1m funding to develop iron deficiency and anaemia treatment
Betsy Goodfellow | April 4, 2024 | News story | Sales and Marketing | Haematology, Ironic Biotech, anaemia, funding, iron deficiency
Swedish biotech startup Ironic Biotech has announced that it has successfully closed a pre-seed funding round of $1m, led by Nordic Foodtech VC. The company intends to use this funding to produce a solution to the global issue of iron deficiency and anaemia.
Ironic Biotech’s work focuses on a new generation of plant-derived proteins which contain iron and are highly bioavailable, with no side effects. Precision fermentation is used to obtain these proteins, which can then be used in supplements.
Many current iron supplements cause side effects ‒ including nausea, digestive issues and organ damage ‒ however approximately 25% of the global population suffers from iron deficiency.
Dr Nélida Leiva Eriksson, chief executive officer and founder of Ironic Biotech, commented: “We want to help 2 billion people to prevent and recover from iron deficiency and anaemia. The lack of iron is partly responsible for the performance gap between males and females, as women naturally lose iron regularly. The situation is widely unaddressed – a sad story that applies to many female health issues: iron deficiency not being an exception. I know what lack of iron can do to a person, as I was one of the millions of women suffering from it.”
Louise Heiberg, investment director at Nordic Foodtech VC, added: “New ingredients like this enable the food industry to tackle a global health problem with new products. Worries about iron uptake are also a significant barrier to reducing the use of red meat in the Western diet. Putting a fundamental innovation like this to work takes effort, talent and a bit of time. As an early investor, we work tightly with the team to build a solid foundation for success.”
Betsy Goodfellow
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