The Danish start-up Cellugy has raised EUR 4.9 million in seed funding to expand production of its bio-based materials. It aims to scale the production of EcoFLEXY, a cellulose-based material that replaces petrochemical-based ingredients in personal care products.
The financing round was led by ICIG Ventures and Unconventional Ventures, with new investment from Joyance Partners and continued support from PSV DeepTech, The Footprint Firm, and EIFO.
Founded in 2018, Cellugy provides bio-based and biodegradable alternatives to carbon-intensive petrochemicals. The company’s platform leverages cellulose-producing microorganisms to produce high-purity, crystalline cellulose derived from the bioconversion of sugar, providing solutions to replace fossil-based materials in various industrial applications, including personal care and cosmetics, as well as textiles, packaging, and paints & inks, among others.
The investment will accelerate the scale-up of EcoFLEXY from pilot phase to industrial volumes, transitioning production from kilos to several tons annually. EcoFLEXY is a bio-based and biodegradable alternative to petrochemicals, produced using a unique platform technology that leverages cellulose-producing microorganisms to convert sugar into high-purity crystalline cellulose.
“Our mission is to develop sustainable solutions for everyday products, so we’re naturally pleased to partner with impact-driven investors,” said Dr. Isabel Alvarez-Martos, CEO and co-founder of Cellugy. “With our technology, we genuinely see a future completely free from these polluting ingredients.”
Dr. Pelin Yilmaz, Investment Director at ICIG Ventures comments: “Investing in Cellugy represents a strategic step for ICIG Ventures, underlining our commitment to fostering innovations that drive sustainability in the industrial sector. Cellugy’s breakthrough in biofabricated cellulose technology not only aligns with our mission to support green technology but also promises to revolutionize the personal care industry and beyond.”
Innovative green materials will be featured at the upcoming Sustainable Cosmetics Summit, hosted in Paris on 23-25th October. More details are on the website
