Investment Climate Podcast

Episode 119: Nous: Lorenzo Pessini on Landing dsm-firmenich as a Strategic Lead, the Clinical Study That Closed the Round, and Why He Chose B2B Over Building a Brand
In this episode, I speak with Lorenzo Pessini, the 27-year-old CEO & Founder of NOUS, an Italian food-tech company building the functional ingredients of the future for food, beverage, and nutraceuticals. NOUS just closed a €2.315M seed round led by dsm-firmenich Ventures (co-led by Eatable Adventures and CDP Venture Capital) — and the story of how it came together is a masterclass in working with a strategic. dsm-firmenich's scouting team found Nous roughly 18 months earlier, when the company was a pre-seed unknown whose only real digital footprint was a press release from its FoodSeed pre-seed. Lorenzo walks us through the pivot that reframed their flagship ingredient, Koncentra, from a "caffeine alternative" (a losing race against cheap synthetic caffeine) into a botanical brain-wellbeing ingredient for energy, focus, and mood — and how a jointly-run clinical study with dsm-firmenich became the single thing that closed the round. We go deep on the mechanics most founders never hear: what clinical studies actually cost (€70K to €180K+), how crossover designs cut the bill, why placebo is the golden standard, and the 9–15 month timeline from protocol to publication. Then Lorenzo makes a candid case for B2B over B2C, explains a deliberately counterintuitive IP strategy (patent the product, keep the process a trade secret), and shares grounded wisdom on valuation, transparency, and the patience a corporate partnership demands.
🎧 Listen to the full episode to hear why a press release should spotlight the company, not the founder; how to get a strategic to co-invest in the very clinical study that de-risks their own deal; the crossover-study trick that turns 20 participants into a 60-person comparison; why Lorenzo would rather be "in the shadows" doing R&D than exposed to consumer pressure; and his approach to benchmarking valuation by calling other founders — with a crucial caveat about comparing apples to apples.

Key Facts: Nous
Lorenzo Pessini (CEO & Founder): https://www.linkedin.com/in/pessinilorenzo
Headquarters: Italy
What They Do: A B2B food-tech company developing science-backed functional ingredients for food, beverage, and nutraceuticals. Flagship ingredient Koncentra is a botanical phytocomplex (a combination of molecules from four raw materials) positioned for brain wellbeing — supporting energy levels, cognition/alertness, and mood — via a proprietary extraction and granulation process.
Funding: €2.315M seed round led by dsm-firmenich Ventures, co-led by Eatable Adventures (via Accelera Ventures) and CDP Venture Capital.

Blurb
NOUS is built on a disciplined idea: that the winning functional ingredients of the future won't be the loudest consumer brands, but the scientifically-validated building blocks inside them. Its flagship, Koncentra, is a botanical phytocomplex engineered through a proprietary extraction and granulation process to support energy, focus, and mood — a "brain-wellbeing" ingredient designed to sit inside the products of the world's biggest beverage and supplement companies rather than compete with them on a shelf. When a race against cheap synthetic caffeine proved a dead end, Nous repositioned the ingredient around what a third party could actually prove it did, and let the science lead.

Episode 118: XiA'H: Dan Cabral on Being "Found" by Investors from Monterrey, Pivoting from Product to Platform, and Turning LOIs into Paid Pilots
In this episode — a first for the show, our first founder from Mexico — I speak with Dan Cabral, CEO & Co-Founder of XiA'H, a Monterrey-based biotech that discovers, develops, and scales science-backed functional ingredients from nature using biotechnology. XiA'H just received investment from Big Idea Ventures, kick-starting its pre-seed round. Dan's story is a playbook for building outside the big VC hubs: starting with essentially zero pesos and an FFF round, she stitched together global accelerators — a START Fellowship at the University of St. Gallen that took him to Switzerland for six months, then Mass Challenge — until the ecosystem started referring him upward and Big Idea Ventures reached in on LinkedIn and "found" him. We dig into XiA'H's sharp pivot from a B2C functional chewing gum to a B2B ingredient platform, how they de-risk a famously fragmented ingredient-development pipeline, and how they beat the "you're too early / can young scientists really execute?" objection by converting LOIs into paid pilots and scaling to 50-litre bioreactor batches.
🎧 Listen to the full episode to hear how a founder in a "blooming but new" ecosystem gets found by a global fund, how XiA'H compresses ingredient development from 6–10 years to 2–3 (and one protein matrix from months to two weeks), the pet-nutrition work they're proud of, how Dan raised an FFF round without fear, and why she'll "follow XiA'H to the end of the world" if that's what scaling takes.
Key Facts: XiA'H
Dan Cabral (CEO & Co-Founder): https://www.linkedin.com/in/dan-cp
Website: https://www.xiah.com.mx/
Headquarters: Monterrey, Mexico 
What They Do: A biotech ingredient platform that discovers, develops, and scales science-backed active functional ingredients from nature. XiA'H transforms plant biomass into high-value bioactives using precision fermentation and enzyme-based processing (rather than harsh solvents or heat), bridging the gap between science and commercial execution for brands.
Funding: Pre-seed round kick-started by an investment from Big Idea Ventures (Global Food Innovation Fund II); currently raising the balance of the pre-seed from angels, VCs, strategics/CVCs, and non-dilutive grants.

Blurb
XiA'H is proof that world-class deep-tech founders are everywhere — the opportunity just isn't evenly distributed yet. Based in Monterrey and built by a pair of self-described "crazy scientists" (Dan Cabral and his sister), XiA'H uses precision fermentation and enzyme-based processing to turn plant biomass into high-value functional ingredients, standing in the gap between promising science and market-ready product. In an ingredient industry that is powerful but deeply fragmented — where brands want new, natural, functional ingredients already shelf-stable and de-risked — XiA'H compresses a development cycle that normally runs six to ten years down to two or three, and takes an ingredient from discovery to pilot in about twelve weeks.

Episode 117: B-COS: Chiara Guidi on Ghent's Founder-Friendly Spin-Out Playbook, Plant Vaccines Over Pesticides, and Why Lean Beats Big in AgTech
In this episode, I speak with Dr. Chiara Guidi, Co-Founder & CEO of B-COS — a University of Ghent spin-off, incubated at Biotope by VIB, that is building "plant vaccines": carbohydrate bioactives (chito-oligosaccharides) produced by precision fermentation that switch on a crop's own defense system, making it more resilient and cutting the need for chemical pesticides. A year out of academia, Chiara and her team have raised €1M combining VC and grant funding. She gives an unusually candid look at what it takes to commercialize 15 years of university research: how B-COS became the very first company through Ghent's new "Fast Lane" spin-out program — a standardized, founder-friendly deal (low equity, low royalties, a worldwide exclusive perpetual license) that let them incorporate in a month instead of a year — and why a brand-new deal structure that no investor had seen before became one of the trickiest parts of the raise. We dig into how she turned public research into a de-risked asset investors love, how she built commercial traction at pre-seed through 100+ customer conversations, the two-track product strategy (long-horizon crop protection plus faster-to-market biostimulants), the reality of Belgium's grant ecosystem, and a refreshingly disciplined, "lean-and-mean" philosophy on valuation and survival.
🎧 Listen to the full episode to hear why a spin-out license can hand investors 15 years of de-risked science essentially for free, how B-COS answered the "there's nothing here yet" objection at pre-seed, why you often need funding in hand before you can win a VLAIO grant, how Chiara benchmarks valuation in a market with only five or six possible acquirers, and her answer to the question every deep-tech founder dreads: why won't the giants just crush you?

Key Facts: B-COS
Chiara Guidi (Co-Founder & CEO): https://www.linkedin.com/in/chiara-guidi-
Website: b-cos.eu
Headquarters: Belgium
What They Do: "Plant vaccines" for sustainable crop protection. B-COS uses precision fermentation to produce carbohydrate bioactives (chito-oligosaccharides) that activate a crop's natural defense system — improving resilience against fungal disease, nematodes, and drought stress, and reducing chemical pesticide use. Initial focus crop: 
Funding: €1M pre-seed (VC + grants), backed by Agri Investment Fund (AIF) and VP Capital, with support from Biotope by VIB, a VLAIO research grant, and EIT (European Institute of Innovation & Technology).

Blurb
B-COS is built on an elegant idea: instead of spraying crops with chemicals to kill what attacks them, teach the plant to defend itself. Using precision fermentation to brew carbohydrate bioactives — chito-oligosaccharides that act like a vaccine for plants — B-COS switches on a crop's own immune response, building resilience to fungal disease, nematodes, and drought while cutting reliance on synthetic pesticides. Spun out of fifteen years of research at Ghent University and incubated at Biotope by VIB, it is a platform with reach well beyond its first focus crop.

Episode 116: Just Meat Protein: Ellie Whelan & Aarti Tobin on Landing a Strategic Corporate Lead, Upcycling Chicken into Whey's Rival, and Structuring University IP That Investors Will Back
In this episode, I speak with the two women behind Just Meat Protein — Ellie Whelan, CEO & Co-Founder, and Dr. Aarti Tobin, Chief Scientific Officer and the scientist behind the technology — fresh off closing a A$1.8M seed round. Just Meat Protein takes low-value cuts of meat and turns them into high-value, nutrient-dense ingredients: their hydrolysed chicken protein powder (ProPepta) is roughly 90% protein, highly soluble, clear in solution, and allergen-free — an alternative to whey protein isolate arriving right as whey prices spike and supply tightens. Ellie walks us through how their lead investor, poultry giant Ingham's Enterprises, came out of a multi-year R&D relationship that began while the tech was still a project inside CSIRO — a strategic partner that both supplies the raw material and shares the circular-economy vision. We get into the real objections they faced (plant-based skeptics, the "meat in my cookies-and-cream" consumer perception question, and scale-up manufacturing risk), and Dr. Tobin gives a masterclass in how a scientist earns an investor's confidence on scale-up. Then Ellie breaks down two things founders rarely explain well: how they structured CSIRO's IP as a license-for-royalty (keeping the research org off the cap table) and how Australian matching grants stack on top of a closed round.
🎧 Listen to the full episode to hear how a low-value poultry cut worth $1–2/kg becomes a $40+/kg ingredient, why whey's price surge and supply shortage are a tailwind, Dr. Tobin's answer to "how do you know it scales?", the bare-bones fundraising stack (a Canva deck and a Microsoft Teams data room), and the exclusive-worldwide-license-with-assignment-triggers structure that made investors comfortable with university-born IP.
Key Facts: Just Meat Protein
Ellie Whelan (CEO & Co-Founder): https://www.linkedin.com/in/elliewhelan
Dr. Aarti Tobin (CSO & Co-Founder): https://www.linkedin.com/in/aarti-tobin-82a121141
Headquarter: Australia
What They Do: Upcycle low-value meat cuts (poultry) into high-value, nutrient-dense protein ingredients. Flagship product ProPepta is a hydrolysed chicken protein powder — ~90% protein, highly soluble (stays in solution up to ~60%), clear in solution, and allergen-free — positioned as a whey protein isolate alternative for sports nutrition, functional foods, beverages, and specialized/aged-care nutrition.
Funding: A$1.8M seed round, led by strategic corporate investor Ingham's Enterprises (Australia's largest poultry producer), which invested A$1.05M for a ~10% stake. Ingham's is both an equity partner and a raw-material supplier.

Blurb
JUST MEAT PROTEIN is built on a simple, powerful piece of arithmetic: a poultry cut worth a dollar or two a kilo can become a protein ingredient worth forty-plus. Born from four years of research inside CSIRO, the company's hydrolysed chicken protein — ProPepta — hits roughly 90% protein while solving problems whey can't: it stays soluble at high concentrations, runs clear in solution for protein waters and beverages, and is allergen-free. It arrives at an ideal moment, as whey prices climb and supply tightens, and as demand for high-protein foods surges across sports nutrition, functional foods, and GLP-1-era nutrition. It is upcycling as a business model — more value from every animal, and a genuine circular-economy story.

Episode 115: BEAM Circular Accelerator (Powered by gener8tor): Darko Mandich on Crossing to the Other Side of the Table, Off-Take Agreements Over LOIs, and Turning Almond Waste into a Bioeconomy
In this episode, I catch up with my friend Darko Mandich — Managing Director of the BEAM Circular Accelerator (Powered by gener8tor) and Ag Practice Chair at gener8tor — for a rare look at fundraising from the investor's seat. Darko knows both sides intimately: he built and exited MeliBio, the bee-free honey pioneer (acquired by Switzerland's FoodYoung Labs), and has now crossed the table to back early-stage founders turning agricultural waste into value. He shares what genuinely surprised him about the investor side — how many internal "yeses" it takes to cut a single check, and why founder patience is so misunderstood — and makes a passionate case that the founders winning in 2026 are commercially driven, not science driven, doing far more with far less. We dig into why LOIs no longer cut it (investors now want signed off-take agreements), how gener8tor and BEAM Circular are attacking the CapEx barrier head-on by building a shared California Bioeconomy Innovation Campus in Modesto, and why California's Central Valley — with 80% of the world's almonds and mountains of hulls and shells — is one of the best launchpads on earth for the circular bioeconomy.
🎧 Listen to the full episode to hear the single biggest mistake founders make when following up with investors (and the "keep delighting us with news" approach that works instead), why aggressive AI-generated outreach lands you in the spam folder, how building in public and authenticity get investors to source you, what BEAM Circular looks for in an applicant, and the incentives that make the Central Valley — not just San Francisco — a place to scale.

Key Facts: BEAM Circular Accelerator (Powered by gener8tor)
Darko Mandich: https://www.linkedin.com/in/darkomandich
Websites: gener8tor.com · beamcircular.org
Program Base: Modesto, California 
Focus: Early- to mid-stage startups in biomanufacturing, waste transformation, and circular solutions across agriculture and natural resources — turning agricultural side streams (e.g., almond hulls and shells) into materials, fuels, ingredients, and chemicals.
Support (per company): ~$100K in combined support — a $15K non-dilutive grant, a $35K investment, and $50K in California Bioeconomy Innovation Campus credits — plus mentorship and partner perks.

Blurb
The BEAM CIRCULAR ACCELERATOR, powered by gener8tor, is built on a bet about geography and timing: that the next wave of the bioeconomy won't be built only in San Francisco or Boston, but in places like California's Central Valley — where 80% of the world's almonds are grown, and where the hulls, shells, and side streams once treated as waste are becoming feedstock for materials, fuels, ingredients, and chemicals. In partnership with the Modesto nonprofit BEAM Circular, the program pairs small, concierge cohorts with a shared California Bioeconomy Innovation Campus designed to remove the single biggest killer of deep-tech startups — CapEx — so founders don't have to burn venture dollars building their own pilot facilities.