Portugal’s CarboCode raises €15M to bring infant formula closer to breast milk’s nutritional benchmark

CarboCode, a biotechnology company based in Cantanhede, Portugal, has secured €15M in a Series C round of funding led by Iberis Capital, a Portuguese venture capital firm.

CarboCode, headquartered at the Biotechnology Innovation Center in Biocant Park, Cantanhede, Portugal, has developed a platform for large-scale production of human-identical glycosphingolipids and gangliosides. 

These compounds, naturally present in breast milk and organ membranes, are vital for cognition, inflammation control, and gut health.

The company operates a Development and Scale-Up facility in Portugal and a Research Center in Konstanz, Germany, driving its mission to advance health-focused biotechnology. 

CarboCode aims to enhance various industries, including nutrition and healthcare, by replicating these essential biological components.

Capital utilisation

CarboCode is expanding its workforce from 35 employees, including 16 PhDs, by hiring 15 additional researchers to develop first-generation products and advance ganglioside research.

The company’s new industrial factory at the BioCant Park complex will produce up to 100 tons of gangliosides annually.  

Focused on applications in infant nutrition, cosmetics, dermatology, and cognitive health, CarboCode’s initial product line addresses the absence of gangliosides in milk formulas, aligning them more closely with breast milk. 

Gangliosides are vital molecules that regulate cell signaling and protect against immune attacks.  

Operating in the B2B segment, CarboCode will supply breast milk formula ingredients to organisations such as Danone, Nestlé, Abbott, and Mead Johnson. The company projects an annual turnover exceeding €100M by 2029, with all production dedicated to exports.

CarboCode will also use the funds to meet regulatory requirements in key markets. It aims to secure approvals in the European Union and the United States by 2027 and in China by 2028.

Jorge Santos, CEO of CarboCode, says, “Access to human-identical gangliosides presents a rare opportunity to make a real positive impact on people’s lives. CarboCode’s technologies enable the production of these compounds, driving our commitment to making this dream a short-term reality.”