Tertiary Extracts Ōtautahi (TEO), a Christchurch-based biotechnology company specialising in the extraction of a novel protein from sheepskins to develop high-value health and nutrition ingredients for export markets, is preparing to launch a capital-raising initiative.
Established by four co-founders, among them Chief Scientific Officer Dr. Rob Kelly, TEO seeks to expand sales within the functional foods, dietary supplements, and personal care industries.
Since commencing operations last year, the company has rapidly expanded to a team of 30 employees and established a factory that processes over 550 tonnes of waste sheepskins into collagen.
In 2021, research was initiated to develop Ovitage—ovine collagen enriched with a broader spectrum of amino acids, notably higher levels of cystine, tyrosine, and glutamic acid.
This was followed by marketplace testing.
The initial sales of ingredients to the United States, along with plans to expand into Europe and Asia, and TEO’s introduction of its own women’s product line, have motivated them to pursue additional investment to increase production capacity.
“We are in the beginning of business, and based on the opportunity that we see from this interest we are getting in early exports, and we are looking to grow significantly,” Kelly said.
The capital raise is anticipated to occur within the coming months, although the details have yet to be finalised.
According to Kelly, TEO preferred to collaborate with strategic investors who have a comprehensive understanding of the sector, particularly the nutritional market.
He added that they remained “open and flexible” to various options, including the possibility of offering a shareholding.
In October 2024, TEO introduced its Everee Women line of functional protein supplements, featuring tailored formulations designed to support women at various stages of life.
Kelly explained that women’s health was a primary focus because TEO’s highly functional proteins effectively met their previously neglected needs.
TEO has been named a finalist in the technology innovation category at the Primary Industries New Zealand Awards and is also a finalist in the early-stage category at the Fieldays Innovation Awards.