South African biotechnology startup Immobazyme has secured an additional R25m ($1.45m) in growth capital, bringing its total funding raised to date to R50m (approx. $2.9m).
The latest round was led by the University Technology Fund (UTF II), with participation from existing backer University of Stellenbosch Enterprises (USE) and new strategic investor Fireball Capital.
The capital injection comes as the continent’s biotech sector faces increasing pressure to localize supply chains. Africa currently imports the vast majority of its pharmaceutical requirements — including active pharmaceutical ingredients (APIs) — leaving the region vulnerable to global supply shocks and currency volatility.
Immobazyme intends to use the funds to complete a new 1,800m² facility in Cape Town and advance its proprietary therapeutics program.
What Immobazyme does
Founded in 2019 by scientists Dominic Nicholas, Ethan Hunter, and Nicholas Enslin, Immobazyme began as a spinoff from Stellenbosch University.
The company focuses on precision fermentation. Its platform technology allows for the design, optimization, and scaling of biologics — specifically recombinant growth factors, peptides, and enzymes.
In lay terms, Immobazyme programs microorganisms to produce complex proteins. These biologics are critical inputs for a variety of industries, ranging from cultivated meat (food) and cosmetics to research and, crucially, high-value therapeutics.
While the company has already established revenue streams by supplying enzymes and growth factors to industrial partners, the new funding targets a shift toward higher-value pharmaceutical applications.
The market context
The investment thesis for African biotech has shifted post-pandemic. Following the logistical bottlenecks of Covid-19, investors are increasingly backing infrastructure plays that enable regional self-reliance.
Immobazyme CEO Dominic Nicholas notes that the company’s goal is to close the gap in local manufacturing.
“Our platform is already delivering measurable impact, and we’re closing in on solutions for some of the toughest challenges in biologics,” Nicholas said.
The startup’s model relies on cost-effectiveness. Biologics are notoriously expensive to manufacture, often requiring massive bioreactors and complex purification processes. Immobazyme claims its platform reduces these costs, making the economics of local production viable in a market that is price-sensitive.
The investors
The cap table reflects a mix of deep-tech university backing and venture capital.
- UTF II: A specialist fund focusing on commercializing university IP in South Africa.
- Fireball Capital: A Venture Capital firm adding a strategic growth perspective.
- USE: The commercial arm of Stellenbosch University.
The round also marked the exit of an early angel investor, a signal of liquidity potential that is often closely watched in the nascent African deep-tech ecosystem.
“Our investment underscores our confidence in the team and the platform, which combines scientific rigor with scalability,” said Paula Mokwena, CEO of Fireball Capital.
What’s next
The immediate priority is infrastructure. The new Cape Town headquarters will combine a research and development laboratory with a production cleanroom. This integration is designed to speed up the loop between designing a protein and manufacturing it at a commercial standard.
Over the next 12 months, the company plans to:
- Expand the team: Hiring specialized talent for the new facility.
- Scale production: Increasing volume capabilities to serve international partners.
- Advance therapeutics: Moving its internal drug development programs closer to clinical viability.
If successful, Immobazyme aims to position itself as a key node in the global therapeutics value chain, transitioning South Africa from a net importer of biologics to a regional production hub.