CHITOSE Group, Successfully Concludes Capital Increase of 7M USD Scale from Shiseido and Forms Strategic Partnership
CHITOSE Group (hereinafter “CHITOSE”), which leads the bioeconomy, announces that it has successfully raised 7 million USD through a third-party allotment of shares with Shiseido Company, Limited (hereinafter “Shiseido”) as the underwriter. In doing so, CHITOSE and Shiseido have entered into a strategic collaboration agreement. Through our partnership with Shiseido, one of the most influential leading companies in the market, CHITOSE will accelerate the development of circular manufacturing based on microalgae in the cosmetics industry.
Powered by the sun, microalgae use carbon dioxide to efficiently create a wide variety of organic compounds such as proteins, fats, and carbohydrates. Furthermore, microalgae can be cultivated using land that is difficult to use for agriculture, such as deserts and wastelands. Because microalgae boast high biomass production efficiency compared with land plants, it has the possibility of being a new resource that is not dependent on finite fossil resources.
For the reasons above, CHITOSE has been leading the MATSURI project since the spring of 2021, focusing on microalgae as a new industry as a substitute for the petroleum industry. Through the MATSURI project, CHITOSE collaborates with players from various industries, transcending positions and sectors to advance large-scale photosynthetic production and develop diverse applications that support people’s lives including fuel, plastics, food, cosmetics, and more.
Shiseido has been participating in MATSURI since April 2022, aiming to create a sustainable world where everyone can enjoy a lifetime of happiness through the power of beauty. Through this partnership, CHITOSE and Shiseido will accelerate the development and mass-production of cosmetic ingredients and containers using microalgae, and further explore the development of ingredients that can be used in future food businesses. Through the activities of MATSURI, CHITOSE and Shiseido aim to lead the creation of a circular economy through sustainable value creation, revitalizing the global cosmetics market.
*1: Funding is conducted by CHITOSE BIO EVOLUTION PTE. LTD, the company that oversees the CHITOSE Group.
*2: Strategic partnership is carried out at the core corporation of the CHITOSE Group, Chitose Laboratory Corp.
*3: The figure is the exchange value of the USD calculated as of July 10, 2023.
About MATSURIThe MATSURI project aims towards the establishment of an advanced microalgae-based industry. CHITOSE has considerable expertise in large-scale photosynthetic production technologies, and is leading the MATSURI project collaborating with Japanese progressive enterprises. As what MATSURI means in Japanese, CHITOSE keeps leading a festival to develop a sustainable society. If you are interested in MATSURI, please feel free to contact the MATSURI office.
About CHITOSE GroupCHITOSE Group is a family of biotechnology companies leading the global bioeconomy. To live in abundance beyond the next millennium using the ability of living things, CHITOSE pursues the possibilities of biotechnology through technological and business development collaborating with its business partners all over the world.