Zurich, November 19th, 2025 – At Collateral Good, we invest in solutions that quietly but meaningfully reshape the systems we rely on. Sometimes that means backing a new category. And sometimes it means returning to a team whose progress has only strengthened our conviction.

Our participation in Chromologics’ latest EUR 7M capital raise reflects exactly that: our follow-up investment in a company developing a fundamentally better way to produce natural food colours.

Why we believed early, and still do

Food colours are often overlooked ingredients, yet they play a crucial role in a product’s visual appeal, and ultimately in consumer choice. If a food product doesn’t look the way a consumer expects, most consumers won’t even take it off the shelf. With regards to food colours, consumers have a clear preference for natural, however, the wider adoption of natural colours has so far been constrained by two major factors:

1. Synthetic colours are extremely cheap, and therefore popular, despite growing concerns about their potential health effects, particularly on children

2. Natural colours are not only more costly, but also limited in terms of stability, shelf life and supply chain stability.

To address the environmental challenges associated with conventional food colours, Chromologics opted for a different approach. Many traditional natural colours (plant- or animal-based) require extensive agricultural land, water, and fertiliser inputs, while synthetic dyes depend on petrochemical feedstocks and energy-intensive chemical processes. Instead, Chromologics developed Natu.Red® via precision fermentation: a method that can avoid large-scale agriculture, reduce reliance on fossil-derived raw materials, and offer more stable, scalable supply. The result is an ingredient that performs reliably in challenging applications (such as high temperatures or changing pH), without the environmental cost of conventional alternatives.When we first invested, we were convinced by the synergies of Chromologics’ fermentation technology (Scalability, Unit Economics, Sustainability), their product Natu.Red and the market need. Today, that conviction has only deepened.

A pragmatic path to commercialisation

This new financing round enables the Chromologics team to continue moving through some of the most critical phases of scale-up:

• Advancing regulatory submissions with the European Food Safety Authority (EFSA) and the U.S. Food and Drug Administration (FDA).

• Expanding production capacity to meet future commercial demand.

• Preparing for market entry with food and beverage manufacturers seeking stable, natural colour solutions.

These steps represent the type of long-term, technical groundwork that ultimately defines whether innovations become real-world alternatives. Chromologics is doing this work with clarity and discipline.

What this means for the future of ingredients

The shift toward cleaner, lower-impact ingredients is accelerating across the food industry. But meaningful transformation requires technologies that are not only sustainable, but also scalable and cost-competitive.

Fermentation-based colourants sit precisely at this intersection. By removing dependence on land, climate variability, and synthetic chemistry, they offer a pathway to resilient supply chains with a much lower environmental footprint.

Chromologics is helping lead that shift, and we are proud to support their progress.

Why we chose to reinvest

Reinvesting is one of the strongest signals an investor can give. For us, it comes down to three factors:

1. Exceptional execution
The team has consistently hit complex scientific and operational milestones, the kind that separate promising ideas from viable companies.

2. A product that solves a real industry need
Natu.Red® offers stability, scalability, and sustainability, addressing a problem that food and beverage manufacturers have struggled with for years.

3. Alignment with our mission
Reducing environmental pressure at ingredient level is exactly the kind of high-leverage climate opportunity we aim to support.

Looking ahead

We see this next stage as a meaningful move toward commercial availability and broader industry adoption. It’s also a step towards a food system where performance doesn’t require compromising on impact.

We’re excited to continue backing Chromologics on this journey, and to support the emergence of a new generation of ingredients built for both people and planet.