Sparxell, a Cambridge, UK-based developer of sustainable, plant-based pigments, raised $3.2M in funding.
Backers included Circular Innovation Fund, L’Oréal, Future Communities Capital, PDS Ventures, Katapult, Joyance Partners and SNØCAP VC.
The company intends to use the funds to accelerate development and commercialisation of products which will eliminate synthetic chemicals from colourants in multi-billion dollar markets including in cosmetics, fashion, paint, and packaging. Funds raised will enable Sparxell to expand its manufacturing capacity to support pilot production, secure further product development partnerships with brands, undertake more product trials with key manufacturers and distributors, and expand headcount.
Founded in 2022 by Cambridge scientists and led by Dr Benjamin Droguet and Professor Silvia Vignolini, Sparxell is advancing pigments that use the same material that many plants and animals use to produce vivid, durable, and fade-resistant colourants. The products are toxin-free and fully biodegradable with a colour intensity that lasts longer than traditional colourants and pigments on the market.
The company’s science has already won several significant awards, including the $100k 2023 Ray of Hope Award from the Biomimicry Institute and $250k funding as part of the Morgan Stanley’s Sustainable Collaborative Prize.
FinSMEs
02/04/2024