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Food tech startup MeliBio is raising a $10 million Series A that will bring the bee-free honey maker to profitability, CEO Darko Mandich tells Axios exclusively.

Driving the news: MeliBio and Narayan Foods today announced a four-year, $10 million contract with Aldi-owned grocery Hofer to start selling MeliBio's vegan honey in Europe this month.

Details: MeliBio expects to close the new round in the first half of the year, Mandich says. 

The Oakland, California-based company launched in Q4 of last year and has a $1 million-plus revenue run rate, Mandich says. 

How it works: The startup uses plant science and precision fermentation to simulate the processes of a honey bee's digestive system to make honey, sans the bees.

It sells its U.S. brand Mellody through food service channels and directly to consumers.

For other geographies, it mainly serves as a B2B honey provider to producers, who will then get the finished product to retailers, typically under a private-label brand.

What's next: MeliBio is in talks with several of the largest food companies, and its focus will be on landing large customers, Mandich says.

MeliBio will do its own R&D and own its IP, but will contract with manufacturers like Narayan for production, Mandich says.

Its honey will be rolled out under the Just Veg! brand, in Austria and Switzerland, with plans to expand it into other parts of Europe.

As part of a large strategic partnership with Narayan, MeliBio will also debut its plant-based honey, under the Better Foodie brand, in U.K. retail stores this month.

Catch up fast: Founded in 2020, the company has raised about $9.4 million to date through its pre-seed and seed rounds.

The big picture: The honey industry plays a role in overpopulation by a species, which tends to be the European honey bee, which then ends up taking over the habitat of native bee species, Mandich says.

Honey is also produced by bees during only three months of the year, which can be unpredictable due to weather changes, he adds.

The bottom line: The company hopes its honey will be in famous products like Honey Nut Cheerios, Kind bars, and other foods in which you'd find honey.

"Our solution for honey can help them simplify their supply chains, help them turn their products plant-based … and save costs by working with the most efficient solution provider for honey sourcing," Mandich says.

Exclusive: Bee-free honey startup MeliBio raising $10M Series A

The company has a four-year, $10 million contract with Aldi-owned grocery Hofer

an illustration of a honey bear container with dollar signs for eyes

Retail deals

Food tech startup MeliBio is raising a $10 million Series A that will bring the bee-free honey maker to profitability, CEO Darko Mandich tells Axios exclusively.Driving the news: MeliBio and Narayan Foods today announced a four-year, $10 million contract with Aldi-owned grocery Hofer to start selling MeliBio&#x27;s vegan honey in Europe this month.

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Exclusive: Bee-free honey startup MeliBio raising $10M Series A

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