Dutch foodtech startup PeelPioneers secures €4M in growth capital; plans to raise another €4M through crowdfunding

‘s-Hertogenbosch, the Netherlands-based PeelPioneers, a foodtech company specialised in processing orange peels into new raw materials, announced that it has secured €4M in growth capital.

The investment was raised from the Brabant Development Agency (BOM), the European Circular Bioeconomy Fund (ECBF), and the National Green Fund.

Additionally, DOEN Participaties and Invest International, a public-private institution of the Ministry of Finance and the Dutch development bank FMO, also participated.

The company will use the funds to scale up its existing factory in Den Bosch. The Dutch company also plans to open its second factory in the Murcia region, Spain, that’s two to three times bigger than Den Bosch, reports Business Insiders Netherlands.

However, to achieve this, the company has also started crowdfunding the Invesdor platform to raise another €4M. At the time of writing this article, the company has collected €1.35M.

PeelPioneers: Fully circular peel collector

Founded in 2017 by Lindy Hensen, Bas van Wieringen, and Sytze van Stempvoort, PeelPioneers is the first fully circular peel collector of the 21st century.

The company processes orange peels, which would otherwise be incinerated, into functional ingredients for the food industry.

The Dutch company’s mission is to combat the misuse of citrus peels by keeping them in the value chain. The company’s process upcycles these peels into ingredients widely used in food, cosmetics, and cleaning products.

According to PeelPioneers, every working day, they collect over 33,000 kg of peel from fresh juicing machines in the retail industry through their unique supply chain. 

At the factory in Den Bosch, they upcycle this former waste stream into products like citrus fiber, essential orange oil, D-limonene, and orangeade.

Currently, PeelPioneers serves a diverse customer base of over 50 clients, including Lowlander, Royal Steensma, and Mayoneur, ranging from local businesses to multinational corporations.

PeelPioneers published its annual accounts with its crowdfunding campaign, showing a negative net result of €3.4M last year and an expected increase to €4.2M this year.

The company anticipates a loss of almost €1M next year but aims for a positive net result of over €800K in 2026, says the report.