CHITOSE BIO EVOLUTION PTE. LTD. (Head Office: Singapore, CEO: Tomohiro Fujita), the leader of the global bioeconomy and the headquarters of CHITOSE Group, has announced the issuance of new shares of JPY 7.3 billion*1 (equivalent to USD 49 million) through a third-party allotment.
In addition to the previously raised JPY 3.1 billion (equivalent to USD 21 million), we have secured additional funding through a third-party allotment with underwriters including Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd., TOPPAN Holdings Inc., NSK Ltd., JAFCO ASIA S-8 FUND L.P. and JAFCO ASIA S-8(A) FUND L.P.*2, Sumitomo Mitsui Trust Bank, Limited, and one other company. Furthermore, with an additional investment from Mers Line Pte. Ltd. Group*3, the newly raised amount reached JPY 4.2 billion (equivalent to USD 28 million), bringing the total funding in this round to JPY 7.3 billion (equivalent to USD 49 million), far exceeding the initial target of JPY 3 billion (equivalent to USD 20 million).
*Note: All USD figures are the exchange value of the JPY calculated as of March 6th, 2025.
*1 The total amount in JPY is an estimate, as some investments were made in foreign currencies.
*2 They are venture capital funds managed by JAFCO ASIA.
*3 The investment was made by Sun Sail Navigation Pte. Ltd., which is part of the Mers Line Pte. Ltd. group.
Fundraising Background and Future Outlook
Envisioning a future where humanity lives in abundance for the next thousand years, CHITOSE Group is leading MATSURI, a project which aims to establish a new industry based on photosynthesis to replace the petroleum industry. To promote the widespread adoption of microalgae-derived products across various sectors—including fuel, food, cosmetics, chemicals, and animal feed—CHITOSE collaborates with players from various sectors, regardless of their field or focus.
As societal expectations for decarbonization and sustainable manufacturing continue to rise, CHITOSE Group is driving various initiatives, including MATSURI, to expand the bioeconomy. The newly raised funds will be used to advance a fermentation production project that leverages AI technology and to promote a novel cell line development project, established through the company’s proprietary technology, that will significantly enhance global biopharmaceutical manufacturing.
In addition, CHITOSE Group aims to be listed on the NASDAQ by fiscal year 2027. To strengthen its capital prior to the initial public offering (IPO), the company plans to raise significant funds beginning in fiscal 2025, which will also support the development of a 100-hectare microalgae production facility.*4
*4 This is the result of an R&D project adopted by NEDO (New Energy and Industrial Technology Development Organization) “Green Innovation Fund Project”.
https://green-innovation.nedo.go.jp/en/project/bio-manufacturing-technology/
MATSURI, a project to build a microalgae-based industry
In this project, CHITOSE Group is expanding large-scale microalgae biomass production while developing new applications. The company completed a 0.1-hectare facility in November 2018 and began operating a 5-hectare facility, CHITOSE Carbon Capture Central (C4), in April 2023.*5 Currently, preparations are underway to open a 100-hectare facility, with plans to expand to 2,000 hectares by 2030 and 10 million hectares by 2050. Building on the world-class technological capabilities cultivated since its founding, CHITOSE Group is entering a new phase of development, aiming to establish a solid foundation for a sustainable future.
*5 This is the result of NEDO’s “Development of Production Technologies for Biojet Fuel Project”.
https://www.nedo.go.jp/english/activities/activities_ZZJP_100127.html
Tomohiro Fujita, Founder & CEO of CHITOSE Group
In order to create a new industry called bioeconomy, we need not only the technological capabilities that CHITOSE Group has cultivated since its founding, but also support from various industries and financial institutions. With the funding secured this time, we will further accelerate the practical application of microalgae production and the implementation of circular solutions, further expanding our efforts to realize a sustainable society. CHITOSE Group remains committed to taking on new challenges alongside our partners, striving to create lasting value that will contribute to a prosperous future beyond the next millennium.
List of underwriters
Mizuho Bank, Ltd.
NGK INSULATORS, LTD.
Shiseido Company, Limited
Sumitomo Mitsui Banking Corporation
TOPPAN Holdings Inc.
NSK Ltd.
Mers Line Pte. Ltd.
JAFCO Asia S-8 Fund and JAFCO Asia S-8(A) Fund
Mitsui Mining & Smelting Co., Ltd. *6
Amano Enzyme Inc.
Mitsubishi Kakoki Kaisha, Ltd.
Ikeda tohka Industries Co., Ltd.
Shinsho Corporation
Sumitomo Mitsui Trust Bank, Limited
One other company
*6 Investment by Mitsui Kinzoku-SBI Material Innovation Fund with Mitsui Mining & Smelting Co. Ltd. as a Limited Partnership and SBI Investment as a General Partnership.
CHITOSE Group Overview
https://chitose-bio.com/
CHITOSE 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.
About CHITOSE BIO EVOLUTION PTE. LTD. (head office that oversees CHITOSE Group)
・Established in October, 2011
・Head Office located in Singapore
・CEO: Tomohiro FUJITA, Ph. D.
About CHITOSE Laboratory Corp. (a core company of CHITOSE Group that focuses on business and technological development)
・Established in November, 2002
・Head Office located in Kawasaki-city, Kanagawa Prefecture, Japan
・CEO: Tomohiro FUJITA, Ph. D.
・COO: Rie KUGIMIYA
Related Information
[Press release] CHITOSE Group Obtains Funding from Japanese Government(NEDO) for Green Innovation Fund of 400M USD Scale
[Press release] CHITOSE Group, Successfully Concludes Capital Increase of 7M USD Scale from Shiseido and Forms Strategic Partnership ― Accelerate a Microalgae-based Circular Manufacturing in a Cosmetic Industry —
[Press release] CHITOSE Group, Successfully Concludes Capital Increase of 21M USD Scale through Third-Party Allotment
[Press release] CHITOSE Group Announces Capital Raising of JPY 1 Billion from SMBC
[News] CHITOSE Group Announces Capital Raising of JPY 500 Million from NSK ltd. and Conclusion of Business Alliance Agreement
[News] CHITOSE Group Announces Capital Raising of JPY 1 Billion from Mizuho Bank
[News] CHITOSE Group Forms Capital and Business Alliance with TOPPAN Holdings
