South African biotechnology start-up Immobazyme has secured $1,3 million (R24.5m) in its newest round of funding.

The Stellenbosch start-up is known for its enzyme immobilisation platform and work with precision fermentation.

Immobazyme says that this funding injection will help it expand, and it intends to double the size of its facility and expand its production capabilities.

Since Dominic Nicholas, Ethan Hunter, and Nicholas Enslin founded Immobazyme in 2019, the company has sustained continued growth, culminating in the inauguration of a modern independent laboratory in 2023.

According to the company, its products range from growth factors, a primary ingredient in cell-cultured meat, to enzymes like dextranase, which is used to break down contaminants in sugar.

Immobazyme also ventured into the food and beverage industry, recently, with a variety of novel food ingredients created using its precision fermentation platform.

The most recent co-investment was led by the University Technology Fund (UTF) and University of Stellenbosch Enterprises (USE).

Primary investor Wayne Stocks of the UTF said: “Immobazyme personifies our vision to innovate for purpose and planet. The University Technology Fund actively identifies global game-changing companies to invest in. The company’s enzyme immobilisation platform is unique to the biotechnology industry.”

Anita Nel, chief director, Innovation and Commercialisation, Stellenbosch University; and CEO, USEsaid: “The investment in Immobazyme is another great case study demonstrating that local university technology is an overlooked but very promising asset class.”

Dominic Nicholas, CEO of Immobazyme, said: “We are poised to tackle real-world challenges, delivering economic, social, and environmental benefits to the private sector through our technology. With this funding, we can now set our sights on bigger, more ambitious goals. Our immediate focus is on scaling our facility to introduce our products to the global market."