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Levur, a Main Sequence-backed biotech startup developing a yeast-fermented alternative to palm oil, has won a $100,000 advisory prize at the KPMG Nature Positive Award.
The Sydney-based startup, founded by Tom Collier and Joan Barber, took part in the Spark Labs Cultiv8 programme last year and was one of five Australian startups selected from 100 applicants for KPMG's annual Nature Positive Challenge.
This year's challenge focused on two new themes: the regenerative economy and sustainable food systems.
Levur's idea was inspired by a trip Collier took to Borneo to film a documentary on how the palm oil industry has driven deforestation and affected endangered species such as orangutans.
Palm oil is a common ingredient in food and cosmetics, including soap.
Collier hopes fermentation can create a sustainable alternative.
Andrew Yates, chief executive of KPMG Australia, said the judges selected Levur "for its highly innovative scientific application and the scale of the challenge it is addressing – replacing unsustainable plant and animal oils with sustainable alternatives."
He added: "Widespread adoption of sustainable oils could have an enormous global impact, preserving biodiversity and reducing the devastating effects of deforestation."
He said the goal of the KPMG Nature Positive Challenge "is to shape a better future by supporting entrepreneurship focused on helping people and the planet."
For his part, Collier said the win "feels like a pivotal moment" for Levur.
He added: "It's a validation of the mission our team has worked hard to achieve, and a strong reminder of why we started this journey in the first place: to protect our planet and create solutions that leave a lasting impact."
He continued: "With this award, we'll be able to scale faster and reach more markets, helping bring our sustainable palm oil alternative to market."
Source: The Star